California Currency Conversion Case Reversed on Appeal.PURCHASE, N.Y. -- MasterCard MasterCard Worldwide (NYSE: MA) is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded debit- and International is pleased that a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). appellate court A court having jurisdiction to review decisions of a trial-level or other lower court. An unsuccessful party in a lawsuit must file an appeal with an appellate court in order to have the decision reviewed. today dismissed a challenge to MasterCard's method for currency conversion because the plaintiff lacks standing to pursue the action under Proposition 64. "Adam Schwartz, the plaintiff in the lawsuit lawsuit: see procedure; tort. , never made a purchase in a foreign currency with any credit card. In fact, he even never held a MasterCard card, and therefore could not possibly have been injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. by MasterCard's currency conversion methodology," said Noah J. Hanft, MasterCard general counsel. "Proposition 64 was approved last year by California voters to stop abuse by trial lawyers who would simply seek out random individuals and use them to bring actions supposedly on behalf of the general public." Last November, California voters passed Proposition 64 to alter the California Business and Professions Code, so that if a plaintiff brings an action under the Code, the plaintiff must, among other things, show injury and cannot simply represent the general public of California. Moreover, by this ruling, the court has stated that Proposition 64 should apply to pending legal actions. In its ruling the appellate court said Proposition 64 applies to this pending action and "compels us to reverse the judgment." The case will be returned to the trial court to determine whether further proceedings are appropriate. About MasterCard International MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment card brands including MasterCard(R), Maestro (1) (Maestro NT) An earlier name for scheduling software for Windows NT from Tivoli Systems, Inc. When IBM acquired Tivoli in 1996, the program was renamed IBM Tivoli Workload Scheduler. (R) and Cirrus(R) and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless price·less adj. 1. Of inestimable worth; invaluable. 2. Highly amusing, absurd, or odd: a priceless remark. (R) advertising campaign is now seen in 105 countries and in 48 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com. |
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