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Many merchants and trade groups including the National Retail Federation opposed the accord, saying card fees would remain too high, while Visa and Mastercard would retain too much control over card transactions. The decision could force Visa and Mastercard to negotiate a settlement more favorable to merchants, or go to trial. Visa and Mastercard said they were disappointed with the outcome. Some U.S. senators have promoted legislation, the Credit Card Competition Act, to let merchants use other payment networks to process Visa and Mastercard transactions. The judge's decision does not affect an earlier $5.6 billion class action swipe fee settlement among Visa, Mastercard and about 12 million merchants.

Persons: Brendan McDermid, Margo Brodie, Brodie, Nilson, Doug Kantor, Jonathan Stempel, Deepa Babington, Leslie Adler Organizations: Mastercard Inc, New York Stock Exchange, REUTERS, Companies, Mastercard, National Retail Federation, Visa, National Association of Convenience Stores, U.S, Merchant Discount Antitrust Litigation, Court, Eastern District of, Thomson Locations: New York City, U.S, Brooklyn, Manhattan, Eastern District, Eastern District of New York, New York

☆ Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers
▼ + stars: | 2024-06-25 | by ( Elisabeth Buchwald | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. Mastercard and Visa, two of the world’s largest credit card networks, reached their proposed multi-billion antitrust settlement with US merchants in March. But a memo released by the court on Tuesday said that she was “not likely to grant final approval” to the preliminary settlement absent any changes. The proposed settlement would have lowered those fees by at least 0.04% percentage points for a minimum of three years. What the preliminary settlement entailedThe proposed settlement, which hinged on final approval from the Eastern District of New York, resulted from a longstanding antitrust class-action lawsuit in 2005.

Persons: Judge Margo Brodie, “, colluded, —, Christopher Jones, ”, ” Jones, Tuesday’s, Judge Brodie, RILA Organizations: New, New York CNN, Mastercard, Visa, Court, of, Merchants Payments Coalition, Main, Retail Industry, Association, Target, Dollar Locations: New York, Eastern, of New York

☆ Former Goldman banker Ng to be returned in Malaysia in 1MDB case
▼ + stars: | 2023-10-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In a letter filed on Thursday in Brooklyn federal court, U.S. prosecutors asked a judge to order Ng's surrender to the U.S. Marshals Service by Friday so he could be turned over to Malaysian law enforcement, who would transport him to their country. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge. Ng had been arrested in Malaysia in November 2018, and agreed to be extradited to the United States.

Persons: Goldman Sachs, Roger Ng, Ng, Ng's, Ng Chong Hwa, Goldman, 1MDB, Margo Brodie, Tim Leissner, Jho, Jonathan Stempel, Richard Chang Organizations: U.S . Marshals, U.S, Malaysian, Thomson Locations: New York, Brooklyn, U.S, United States, Kuala Lumpur, Malaysian, Malaysia . U.S, 1MDB, Malaysia

☆ Former Goldman banker Ng to be returned to Malaysia in 1MDB case
▼ + stars: | 2023-10-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Ex-Goldman Sachs banker Roger Ng and his lawyer Marc Agnifilo leave the federal court in New York, U.S., May 6, 2019. Marshals Service by Friday so he could be turned over to Malaysian law enforcement, who would transport him to their country. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge. Ng had been arrested in Malaysia in November 2018, and agreed to be extradited to the United States.

Persons: Goldman Sachs, Roger Ng, Marc Agnifilo, Margo Brodie, Ng's, Ng, Brodie, Ng Chong Hwa, Goldman, 1MDB, Tim Leissner, Jho, Jonathan Stempel, Richard Chang 私 Organizations: REUTERS, Chief U.S, U.S . Marshals, U.S, Malaysian Locations: New York, U.S, Brooklyn, United States, Kuala Lumpur, Malaysian, Malaysia, 1MDB

"The United States is also working to ensure that the procedures governing the defendant's return to Malaysia will not unduly delay the service of his U.S. sentence," prosecutors said. Ng's lawyers agreed to the one-month delay, prosecutors said. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Agnifilo said at the hearing that Malaysia wanted Ng's cooperation with an ongoing 1MDB probe. Ng was arrested in Malaysia in Nov. 2018 and agreed to be extradited to the United States three months later.

Persons: Goldman Sachs, Margo Brodie, Roger Ng's, Marc Agnifilo, Goldman, 1MDB, Ng, Brodie, Drew Rolle, Agnifilo, Malaysia's, Tim Leissner, Jho, Luc Cohen, Bill Berkrot Organizations: U.S, Malaysia, United, Thomson Locations: Malaysia, New York, Brooklyn, Kuala Lumpur, United States, U.S

NEW YORK, March 24 (Reuters) - A U.S. judge on Friday ordered former Goldman Sachs Group Inc (GS.N) banker Roger Ng to forfeit $35.1 million, after sentencing him to 10 years in prison for helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund. Jho Low, a Malaysian financier and suspected mastermind of the scheme, was also indicted but remains at large. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge. Former Malaysian Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted in a Malaysian court of receiving $10 million from a former 1MDB unit. Reporting by Luc Cohen and Jonathan Stempel in New York; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

[1/2] Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. REUTERS/Benoit TessierMarch 15 (Reuters) - A federal appeals court on Wednesday upheld a $5.6 billion antitrust class-action settlement with more than 12 million retailers that accused Visa Inc (V.N) and MasterCard Inc (MA.N) of improperly fixing credit and debit card fees. The operators and the companies both claimed to have been injured after accepting Visa and MasterCard for gas sales. The settlement resolved claims that Visa and MasterCard overcharged retailers on interchange fees, or swipe fees, when shoppers used credit or debit cards, and barred retailers from directing customers toward cheaper means of payment. Settling retailers would be barred from bringing further claims from within the 15-year class period, and for five more years after the settlement became final, court papers show.

☆ Ex-Goldman banker Ng sentenced to 10 years in prison for 1MDB corruption case
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: +1 min

Ex-Goldman Sachs banker Roger Ng exits the Brooklyn Federal Courthouse after being sentenced for his part helping embezzle from Malaysia's 1MDB sovereign wealth fund, in Brooklyn, New York, March 9, 2023. Former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison on Thursday, after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund. The charges stem from some $6.5 billion in bonds that Goldman helped 1MDB, which was founded to finance development projects in Malaysia, sell in 2012 and 2013. U.S. prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. Funds were used to buy high-end real estate, jewelry and artwork, and finance the Hollywood film, "The Wolf of Wall Street," according to the Department of Justice.

☆ Ex-Goldman banker sentenced to 10 years prison in 1MDB corruption case
▼ + stars: | 2023-03-09 | by ( ) edition.cnn.com time to read: +3 min

Former Prime Minister Najib Razak is serving a 12-year prison sentence after being convicted by a Malaysian court of receiving $10 million from a former 1MDB unit. He spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018. He pleaded guilty and testified against Ng as part of a cooperation agreement. Malaysian officials have said Low is in China, which Beijing denies. In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge.

☆ Ex-Goldman banker Ng sentenced to 10 years prison in 1MDB corruption case
▼ + stars: | 2023-03-09 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

☆ Ex-Goldman banker Ng deserves 15 years in prison, US prosecutors say
▼ + stars: | 2023-03-04 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. He had spent six months in a Malaysian prison before waiving his right to contest extradition to the United States in 2018. Prosecutors said $4.5 billion of that sum was embezzled by officials, bankers and their associates, in one of the biggest scandals in Wall Street history. In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge. Leissner pleaded guilty and testified against Ng as part of a cooperation agreement.

☆ Ex-Goldman banker Roger Ng deserves 15 years in prison after 1MDB scandal, U.S. prosecutors say
▼ + stars: | 2023-03-04 | by ( ) www.cnbc.com time to read: +1 min

Roger Ng, a former banker for Goldman Sachs Group, exits from federal court in New York, U.S. on May 6, 2019. In his own sentencing request on Feb. 25, Ng asked that he be given no prison time and be allowed to return to Malaysia. U.S. prosecutors on Friday urged a judge to sentence former Goldman Sachs banker Roger Ng to 15 years in prison after he was convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund. In October 2020, Goldman agreed to pay $2.9 billion and its Malaysian unit pleaded guilty to a corruption charge. Leissner pleaded guilty and testified against Ng as part of a cooperation agreement.

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