Bank of America will be paying $738 million as its part of a multi-billion settlement with merchants over credit card fee fixing allegations, the Charlotte bank disclosed in a quarterly securities filing released Thursday.
The settlement, worth $6 billion overall, was announced last month and resolves claims from retailers that Visa, MasterCard and card-issuing banks conspired to fix the swipe fees they charged on every transaction.
Bank of America will pay $199 million in cash. The rest comes from a reduction in value of its Visa stock holdings. The bank said it has already accounted for the payments.
Thursday, August 2, 2012
BofA paying $738 million in swipe fee settlement
Subscribe to:
Post Comments (Atom)
Posts
8 comments:
Has BOA done anything LEGAL the past five years?
@ 5:05 -
Well they made trading profits on 122 out of 125 trading days in Q1 & Q2. So if they were able to do that (without breaking insider trading laws) then I guess they did do something legal. 95% winning trades. Yeah right.
This country could use FDR right now
This doesn't end the lawsuit/settlement. Many retailers including the National Association of Convenience Stores, Target, WalMart and others have rejected the settlement as it does nothing to change swipe fees in the future. There will be additional suits, again and again until this visa/mc monopoly is finally terminated.
Can't be a monopoly if there are 2 companies involved
How much more of these kinds of payments can BAC make?? Have to get stock price above 8 dollars a share soon.
@ anonymous 7:57:
Being in the black on the overwhelming majority of executed orders should be a given. If you assume that the business is operating under it's assigned responsibilities, they should make money on their orders. Sales and Trading is a client-oriented business, they are filling orders for their clients as a market-maker. If the desks are doing their job, they would make a profit on all executed trades. People are quick to forget what exactly the business is doing on a daily basis.
@ 12:31,
So you're saying that every investor who has an account with BAC has been making a killing over the past six months? Yeah right. Remember there's a desk on the other side of every trade. Did that other desk LOSE on 97% of its trades?
Post a Comment