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News Breaks
November 9, 2012
15:30 EDTVVisa says settlement is 'fair and reasonable compromise for all parties'
Visa General Counsel Josh Floum issued the following stated in response to the U.S. District Court's preliminary approval of the multi-district interchange litigation: "We are pleased that Judge Gleeson has preliminarily approved this settlement, moving us closer to resolving this long standing litigation to the benefit of all involved. Our belief that the agreement will eventually receive final approval was strengthened today. As we have said from the beginning, this settlement is a fair and reasonable compromise for all parties. It is the result of two years of negotiation between retailers, their legal counsel, the networks, financial institutions and two highly regarded mediators under the supervision of the court. We look forward to bringing closure to this issue and working in partnership with retailers and our financial institution clients to accelerate the growth of convenient, secure and reliable electronic payments."
News For V From The Last 14 Days
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October 1, 2014
11:46 EDTVVantiv names Drury Chief Marketing Officer
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September 30, 2014
10:01 EDTVBank of America begins rollout of chip debit cards
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September 24, 2014
11:19 EDTVVisa creates 2K technologists positions, new India technology center
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September 22, 2014
07:14 EDTVGSM Association to hold a conference
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September 18, 2014
05:31 EDTVVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visa’s holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visa’s investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.

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