Judge Says $2.78M Verdict Against MasterCard Stands
MasterCard's bill has come due, U.S. District Judge Lorna Schofield ruled earlier this week. She dismissed the financial services provider's Rule 50 motion to reverse a jury's decision returning $2.78 million to a card processor based in the Kingdom of Jordan, ICC, finding that the jury was well within the reasonableness standard.
August 23, 2017 at 04:03 PM
2 minute read
MasterCard's bill has come due, U.S. District Judge Lorna Schofield ruled earlier this week. She dismissed the financial services provider's Rule 50 motion to reverse a jury's decision returning $2.78 million to a card processor based in the Kingdom of Jordan, ICC, finding that the jury was well within the reasonableness standard.
MasterCard had drawn down the funds from a letter of credit, which were put up by ICC as collateral against potential future unpaid funds to merchants. The move came just days before MasterCard terminated services with ICC. The funds, employees said at the time, were intended to repay merchants left in the lurch after the split. However, during trial it was revealed none of the funds went to ICC's merchants.
MasterCard attempted at trial to show that it was possible that ICC had outstanding payments. However, the record showed that ICC, through policy and practice, could be reasonably understood to have paid down whatever outstanding balance it had by the time of the split between the companies.
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