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Visa (V), MasterCard (MA) and 13 large banks, including BofA (BAC), Citigroup (C) and JPMorgan...

Visa (V), MasterCard (MA) and 13 large banks, including BofA (BAC), Citigroup (C) and JPMorgan (JPM), face billions of dollars of liabilities in a lawsuit from 5M retailers that accuse the defendants of illegally colluding to overcharge for credit card transactions.
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Comments (6)
  • bbro
    , contributor
    Comments (10407) | Send Message
     
    Ah Lawsuits...truly additive to the productivity of this country....
    12 Jan 2012, 12:44 PM Reply Like
  • phxcrane
    , contributor
    Comments (489) | Send Message
     
    I'm starting to believe its another way this administration is redistributing income.
    12 Jan 2012, 12:54 PM Reply Like
  • SanDiegoNonSurfer
    , contributor
    Comments (3627) | Send Message
     
    Actually it appears this lawsuit, even though it's antitrust, is being brought by retailers, not by the gov't. The plaintiffs are a group of five million retailers -- business owners in other words.
    12 Jan 2012, 01:13 PM Reply Like
  • SanDiegoNonSurfer
    , contributor
    Comments (3627) | Send Message
     
    From the article:

     

    "damages could conservatively be estimated at $96 billion. If Bank of America had to pay roughly 10 percent of that, as per its 10-K, the bank would have to cough up $9.6 billion."

     

    Glad I held off on buying shares of JPM.
    12 Jan 2012, 01:19 PM Reply Like
  • Rummeljordan
    , contributor
    Comments (477) | Send Message
     
    Illegally colluding, good luck proving that one.
    12 Jan 2012, 05:36 PM Reply Like
  • matt7120
    , contributor
    Comments (26) | Send Message
     
    What was the better move ahead of JPM reporting tomorrow morning?

     

    Buying the late Jan BAC calls or buying the puts.
    12 Jan 2012, 05:38 PM Reply Like
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