Mastercard continues to wage its battle to nullify a $2.8 million verdict after a jury found the credit card giant had wrongly converted a letter of credit the day after terminating its contract.

The jury awarded the company, International Card Co., the full amount of the draw down, finding that Mastercard had intentionally and inappropriately made the conversion. In a series of motions filed in the Southern District before Judge Lorna Schofield by Mastercard's counsel, led by Ballard Spahr partner Jay Fastow, the credit card company seeks a motion of judgment as a matter of law, arguing that ICC failed to show that the draw down sum didn't reflect monies owed to Mastercard.

The jury also found that ICC had breached its contract with Mastercard, even as it declined to assign damages to the verdict. This, however, is validation that Mastercard was justified in its actions over potential outstanding merchant claims and as much as $4 million in exposure from “risks” associated with ICC, the card company argued.