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Visa, MasterCard Strike Back at Swipe-Fee Settlement Foes

Visa Inc. (V) and MasterCard Inc. (MA) are firing back at retail trade groups trying to derail a pending $7.25 billion settlement over so-called merchant swipe fees.The world's largest payment networks asked a federal judge Friday to rule that their practices for setting fees paid by merchants that accept credit and debit cards aren't anticompetitive, which could limit the type of lawsuits retailers could bring against the companies in the future.Such a ruling is "necessary to prevent the continuation of endless, wasteful litigation" between merchant trade groups and Visa and MasterCard, the companies said in a complaint seeking declaratory judgment filed in U.S. District Court in Brooklyn.Several large banks, including Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Citigroup Inc. (C), also were named as plaintiffs in the new complaint. The complaint was filed against the National Association of Convenience Stores, National Association of Truck Store Operators, National...

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  1. Saks Hires Goldman Sachs to Explore Possible Sale -NY Post

    Saks Inc. (SKS) has hired Goldman Sachs Group Inc. (GS) to explore strategic alternatives, including a possible sale of the fashion retailer, the New York Post repor...

  2. Saks Jumps After It Said To Explore Sale

    Saks Inc. shares surged 18% in after hours trading on Tuesday after the New York Post reported the luxury retailer has hired Goldman Sachs to explore strategic alter...

  3. Market Wrap for Tuesday, May 21: Stocks Record Modest Gains Ahead of Bernanke Testimony

    U.S. stocks staged a modest rally on Tuesday ahead of Congressional testimony from Federal Reserve Chairman Ben Bernanke on Wednesday.The expectation that the centra...

  4. Saks Reports Better-than-Expected Profit

    Saks Inc on Tuesday reported higher than expected first-quarter sales, but it warned that investments to launch an e-commerce site for its outlet chain would weigh m...

  5. Saks Boosts Sales More Than Expected; Shares Up

    Luxury retailer Saks Inc. said Tuesday that its fiscal first-quarter profit fell to $20 million, or 13 cents a share, from $32.1 million, or 18 cents, a year earlier...

  6. WEEK AHEAD: Home Depot, Lowe's, Best Buy, Housing Data in Spotlight

    Retailers will be the dominant sector on next week's earnings calendar, with many big names in the space reporting.Also, some housing data should provide clues about...

  7. Making Money on Accessories

    MCL Design founder Matthew Laurenza shares the story of how he built his accessories empire.

  8. Sell in May and Go Away — No Way!

    You've probably heard the old adage: "Sell in May and go away." It's a nice little rhyme, and it does have a basis in the market's seasonal patterns. Historically, t...

  9. Saks Flat After Moody's Upgrades Credit Rating

    Saks Inc.'s shares were little changed on Tuesday after its credit rating was upgraded to Ba2 from Ba3 by Moody's Investors Service. "The upgrade acknowledges Saks' ...

  10. Saks Drops After J.P. Morgan Downgrade

    Saks Inc. shares fell 4% on Monday after the luxury department store retailer was cut to neutral from overweight by J.P. Morgan. Analyst Matthew Boss cited concerns ...

  11. Retailers Deliver Chilly Same-Store Sales Results

    Retailers posted tepid sales for a second month in a row, with March blasted by cold weather and a still-uncertain consumer, much like February. Retailers were also ...

  12. Retailers Delivering Chilly Same-Store Sales Results

    Retailers are posting tepid sales for a second month in a row, with March blasted by cold weather and a still-uncertain consumer, much like February.Spring and summe...

  1. Luxury Brands' New Cash Cow: Men

    Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly...

  2. Insight: Luxury brands position for U.S. boom

    Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly...

  3. Target, Macy's and Others Sue Visa and MasterCard Over Fees

    Some of the country's biggest retailers sued Visa Inc. (V) and MasterCard Inc. (MA) Thursday, arguing the world's largest payment networks have imposed anticompetiti...

  4. Saks Shoots 18% Higher on Buyout Buzz

    Shares of Saks (NYSE:SKS) spiked 18% to five-year highs Wednesday morning following a report that the retailer has hired Goldman Sachs (NYSE:GS) to explore a possibl...

  5. Market Wrap for Wednesday, May 22: Stocks Pullback As Bernanke Says Bond Buying Could Slow

    In Congressional testimony on Wednesday, Federal Reserve Chairman Ben Bernanke said that the central bank could begin winding down its $85 billion-per-month bond-buy...

  6. Saks Hires Goldman Sachs to Explore Possible Sale

    FBN’s Jo Ling Kent on Saks hiring Goldman Sachs to explore strategic alternatives including a potential sale.

  7. Mexican tycoon Slim seeks funding details of U.S. protest group

    A U.S. cellphone company owned by Carlos Slim has asked Californian authorities to investigate the funding behind protests against the Mexican tycoon by lobby group ...

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