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

BofA Pegs Share of Merchant Settlement at $738 Million

Bank of America Corp. (BAC) will pay $738 million as part of a pending multi-billion settlement of merchant lawsuits over Visa Inc. (V) and MasterCard Inc. (MA) transaction fees. The Charlotte, N.C., lender, which disclosed its share of the settlement Thursday in its Form 10-Q filed with regulators, is one of the numerous banks named in the seven-year-old lawsuits alleging Visa, MasterCard and the banks conspired to fix interchange fees at arbitrarily high levels. Visa and MasterCard set the fees, but they are collected by card-issuing banks like Bank of America, J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) on each transaction. As part of settlements announced last month in U.S. District Court in Brooklyn, Visa, MasterCard and the banks agreed to pay a combined $6.6 billion to merchants and temporarily reduce interchange fees by an amount equal to $1.2 billion. Visa and MasterCard each have agreements under which their bank clients are responsible for portions of their share of the settlement payments. Bank of America is the second-largest issuer of Visa and MasterCard credit cards, according to 2011 data from the Nilson Report, a payments-industry newsletter. It said $539 million of its amount will be paid from proceeds Visa has set aside in a litigation escrow. The escrow is funded by Visa's Class B shares, which are owned by Bank of America and other U.S. banks. The settlements, which require court approval, have sparked criticism from retailers, including Wal-Mart Stores Inc. (WMT), Target Corp. (TGT) and trade groups that are plaintiffs in the lawsuits. They argue the settlements do not fix problems they see in how interchange fees are set and will force them to give up their rights to sue the payment networks in the future. Visa and MasterCard have maintained the deals will benefit merchants by allowing them to band together to negotiate interchange rates and giving them the ability to surcharge customers who pay with credit cards, a practice the payment networks previously banned. Bank of America's settlement share was first reported by Bloomberg News Thursday. The bank's shares were up 3.8% at $7.45 in recent trading Friday, on a day of broader market gains. Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Wells Fargo (WFC)
DateTimeHeadline
09/16/201409:44:34U.S. Hot Stocks: Hot Stocks to Watch
08/14/201417:25:28Berkshire Hathaway Continued Investing in Media in Second Quarter
08/06/201417:30:05Wells Fargo Says Litigation Losses Could Be As Much As $1.2 Billion
08/06/201417:19:58Wells Fargo Says Loss Measurement Related to Litigation Could...
08/01/201412:00:47Revel Aims to Secure a Buyer to Prevent Shutdown--Week Ahead
07/18/201418:44:35Rise in Fee-Based Business Helps Boost Broker Productivity
07/17/201408:25:40Wells Fargo CEO: Real Economy Stronger Than People Think -CNBC
07/13/201406:18:25MARKET SNAPSHOT: Tech, Bank Earnings To Test Economic Recovery
07/11/201416:21:05MARKET SNAPSHOT: U.S. Stocks Finish With Small Gains, Trim Weekly...
07/11/201415:12:41MARKET SNAPSHOT: U.S. Stocks Pick Up; Amazon Rallies
07/11/201411:21:46MARKET SNAPSHOT: U.S. Stocks: Genworth, Fastenal Losses Weigh...
07/11/201409:28:55MARKET SNAPSHOT: U.S. Stocks: Futures Rebound; Wells Fargo Meets...
07/11/201408:10:33MARKET SNAPSHOT: U.S. Stocks: Futures Rebound; Wells Fargo Earnings...
07/11/201406:32:36MARKET SNAPSHOT: U.S. Stocks: Futures Rebound Ahead Of Wells...
07/10/201418:45:11A Difficult Quarter Again Seen for Banks
07/10/201417:42:36Morgan Stanley Recruits Brokers From Wells Fargo, Merrill --Street...
07/10/201416:19:11MARKET SNAPSHOT: U.S. Stocks End Lower; Europe Worries Resurface
07/09/201416:17:52Wells Fargo Recruits Brokers From Rival UBS --Street Moves
07/07/201417:15:59MARKET SNAPSHOT: U.S. Stocks End Lower; Biotechs, Internet Stock...
07/07/201412:18:59MARKET SNAPSHOT: U.S. Stock Market Losses Led By Small Companies

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