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Economy
In reply to the discussion: Weekend Economists Waiting for FDR July 13-15, 2012 [View all]Demeter
(85,373 posts)10. Visa rises, J.P. Morgan slips after hours
http://www.marketwatch.com/story/jp-morgan-edges-down-citi-rises-after-hours-2012-07-13?siteid=YAHOOB
Shares of Visa Inc. and MasterCard Inc. each bounced higher Friday evening after the companies settled lawsuits brought by merchants. Meanwhile, banking stocks were mixed following dayside gains after better-than-expected quarterly figures from J.P. Morgan Chase & Co. and Wells Fargo & Co...MasterCard said that it, along with Visa and various banks, have agreed to a memorandum of understanding to settle litigation under which MasterCard will pay $790 million in cash and give the merchants a 10 basis-point reduction in credit interchange rates for eight months.
MasterCard also agreed to modify its surcharge rule to allow U.S. merchants to levy checkout fees on credit cards. Visa agreed to similar conditions and its share of the total cash liability will be $4.4 billion...
Shares of Visa Inc. and MasterCard Inc. each bounced higher Friday evening after the companies settled lawsuits brought by merchants. Meanwhile, banking stocks were mixed following dayside gains after better-than-expected quarterly figures from J.P. Morgan Chase & Co. and Wells Fargo & Co...MasterCard said that it, along with Visa and various banks, have agreed to a memorandum of understanding to settle litigation under which MasterCard will pay $790 million in cash and give the merchants a 10 basis-point reduction in credit interchange rates for eight months.
MasterCard also agreed to modify its surcharge rule to allow U.S. merchants to levy checkout fees on credit cards. Visa agreed to similar conditions and its share of the total cash liability will be $4.4 billion...
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