ADVFN - Advanced Financial Network.
HOME» NYSE » W » WFC Stock Price » WFC Stock News

Wells Fargo Share News

 Wells Fargo & Co. (new) Stock Price
WFC Stock Price
 Wells Fargo & Co. (new) Stock Chart
WFC Stock Chart
 Wells Fargo & Co. (new) Stock News
WFC Stock News
 Wells Fargo & Co. (new) Company Information
WFC Company Information
 Wells Fargo & Co. (new) Stock Trades
WFC Stock Trades

Visa, Mastercard Settlement Includes $6.05 Billion in Cash Payments for Alleged Past Damages -Merchant Attorneys

By Andrew R. Johnson Merchants reached a $7.25 billion settlement with Visa Inc. (V), MasterCard Inc. (MA) and several large banks in long-standing antitrust lawsuits brought by hundreds of merchants over credit-card processing fees. The settlement will include more than $6 billion in cash payments from the defendants, as well as a temporary reduction in the fees merchants pay on each card swipe worth an estimated $1.2 billion, according to Robins, Kaplan, Miller & Ciresi LLP, one of the law firms representing merchants in the case. The deal potentially puts to rest a lengthy legal battle that has raged on for seven years and been an overhang on Visa's and MasterCard's shares. The litigation predates the initial public offerings of both companies. Visa's shares were up 1.7% at $126.18 and MasterCard's shares were up 1.4% at $435.38 after hours on Friday. Analysts for months have predicted the companies would reach a settlement before a September trial date. Discussions between the card networks and plaintiffs, which include grocery-store chains Kroger Co. (KR) and Safeway Inc. (SWY) and numerous small businesses, have occurred over the last year. The litigation in U.S. District Court in Brooklyn includes more than 50 consolidated lawsuits that date as far back as 2005. In them, merchants argue that Visa, MasterCard and the banks that issue their cards conspire to set fees, known as interchange, that retailers pay each time a customer pays with a card. Those fees, long a thorn in the side of merchants, are set by Visa and MasterCard but collected by banks like Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) as revenue. -Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
01/30/201515:13:22Wells Fargo, Creditors Reach Deal on Revel Loan
01/27/201518:08:48Gold Nuggets Stolen From Wells Fargo Museum in San Francisco...
01/27/201515:36:48Gold Nuggets Stolen From Wells Fargo Museum in San Francisco...
01/27/201515:14:19Gold Nuggets Stolen From Wells Fargo Museum in San Francisco
01/27/201513:28:06J.P. Morgan Branches in New York City Area to Reopen Wednesday
01/22/201516:49:50Wells Fargo, J.P. Morgan to Pay $35.7 Million in Settlement...
01/22/201514:36:13Wells Fargo, J.P. Morgan to Pay $35.7 Million in Settlement
01/15/201519:52:26Biggest Banks Lag Behind as Economy Gains Steam
01/15/201513:26:13Fourth Quarter Trips Up Big Banks
01/14/201521:12:41Mortgage Applications Soar as Consumers Snap up Low Rates...
01/14/201512:45:11Wells Fargo's Profit Rises on Loan Growth -- 3rd Update
01/14/201509:18:25Wells Fargo's Profit Rises on Loan Growth -- 2nd Update
01/14/201508:51:43Wells Fargo's Profit Rises on Loan Growth -- Update
01/14/201508:33:18Wells Fargo's Earnings, Revenue Rise
01/13/201523:46:18Alibaba Buys Controlling Stake in Chinese Internet Marketing...
01/12/201503:18:55MARKET SNAPSHOT: Banks Kick Off Low-expectation Earnings Season
01/11/201520:04:04Citi Shares The Blame
01/08/201520:28:28Car Loans See Rise In Missed Payments
01/07/201519:50:46Pivotal Ruling On Insiders Put To Test
01/06/201517:04:15Finra to Examine Brokers' Securities-Backed Lending Practices--Update

Wells Fargo and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad