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

Wal Mart Stores Share News

 Wal-mart Stores, Inc. Stock Price
WMT Stock Price
 Wal-mart Stores, Inc. Stock Chart
WMT Stock Chart
 Wal-mart Stores, Inc. Stock News
WMT Stock News
 Wal-mart Stores, Inc. Company Information
WMT Company Information
 Wal-mart Stores, Inc. Stock Trades
WMT 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 Wal Mart Stores (WMT)
DateTimeHeadline
07/11/201418:37:22Big-Fat Worm Shortage Causing Big, Fat Fishing Woes
07/11/201412:50:30Big-Fat Worm Shortage Causing Big Fat Fishing Woes
07/08/201416:07:25MARKET SNAPSHOT: Stock Futures: Dow's Hold On 17,000 Looks Shaky
07/04/201413:24:05Robust Job Gains Mask Soft Spots in Economy
07/01/201405:38:25Aldi, Lidl Continue to Gain Market Share; Tesco, Morrisons Drop
06/19/201413:10:53Truck Driver Found Speeding In Tracy Morgan Crash
06/17/201409:40:06Wal-Mart to Triple Spending on Food-Safety in China
06/17/201408:58:47Wal-Mart to Triple Spending on Food-Safety in China -- 2nd Update
06/16/201422:42:46Tracy Morgan Upgraded to Fair
06/09/201415:14:03Las Vegas Shooting Prompts Check for Antigovernment Threats
06/09/201412:49:11Family Dollar Adopts Poison Pill After Icahn Buys In -- Update
06/09/201411:01:56Tyson Raises Bid for Hillshire; Pilgrim's Pride Backs Out...
06/08/201418:15:57Three Killed in Las Vegas Shooting
06/06/201418:28:21Carl Icahn Discloses 9.4% Stake in Family Dollar -- 2nd Update
06/06/201418:17:12Carl Icahn Discloses 9.4% Stake in Family Dollar -- Update
06/06/201417:15:34Wal-Mart Holders Reject Independent Chairman--update
06/06/201410:30:11Wal-Mart Names Greg Penner Vice Chairman
06/06/201410:22:52Wal-Mart Names Greg Penner Vice Chairman; Rob Walton Remains...
06/05/201415:47:42Burwell Confirmed as U.S. Health Secretary--Update
06/04/201417:49:53Sam's Club to Issue Credit Card With Security Chip--Update

Wal Mart Stores 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