Word: issuers
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Dates: during 2000-2009
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...August, a federal judge in Seattle granted class-action status to a suit alleging that Bank One's First USA, the nation's second largest issuer, deceived customers by raising interest rates beyond the fixed level that was advertised. The class of cardholders is expected to swell to more than 10 million, and a loss could squeeze First USA for more than $1 billion...
...July, Citigroup, whose Citibank is the largest issuer, said it would settle a class action accusing two Citi-owned banks of declaring many payments late and assessing late charges even if they were received on the due date. The bank pleaded innocent, but to avoid litigation, it is shelling out a $45 million settlement, $18 million of which will go to cardholders who file claims...
...Called a "skimmer," the device can read and store the data embedded within a charge card's magnetic stripe--not only the name, number and expiration date that appear on the card's face but also an invisible, encrypted verification code that is transmitted electronically from merchant to card issuer to confirm a card's validity at the point of sale. By copying that code, the counterfeiter has all the data needed to create a perfect clone of the charge card...
...management continually exerted on brokers, who then used high-pressure tactics on their customers." Brokers cold-called people urging them to invest in speculative securities and initial public offerings underwritten by the firm. Brokers "implied to investors that they were in possession of important nonpublic information concerning an issuer...
...years ago, weather derivatives are now a $5 billion industry. They are essentially futures contracts ensuring that if certain meteorological conditions unfavorable to sales occur, the company that purchased the contract will be paid without having to prove any losses. And in some cases, companies actually pay the issuer of the derivative if weather ends up being favorable to sales. Either way, the company gets a guaranteed revenue stream that provides a buffer against climatic vagaries...