Discover Financial Proposes $1.2 Billion Settlement Over Merchant Overcharge Claims Amid Major Acquisition Moves

CHICAGO — Discover Financial Services is reportedly in the process of settling a class-action lawsuit that accuses the firm of excessively charging merchants. This action was publicly disclosed through a filing with the Securities and Exchange Commission on Wednesday, detailing that as of March 31, 2024, Discover has allocated $1.2 billion for refunds due to the misclassification of certain card products. The company has confirmed that this amount should cover all necessary payments under the proposed settlement. Previously, during a July earnings call, the financial services company admitted to incorrectly categorizing some card accounts into … Read more

Accusations of Impropriety and Sabotage Rock the Road to a Multi-Billion Dollar Merger, Involving Donald Trump and Digital World Acquisition Corp.

SARASOTA COUNTY, Florida – Accusations of impropriety and sabotage have surfaced in a lawsuit filed in Sarasota County, revealing the turbulent path to a potentially lucrative merger that could earn Donald Trump over $3 billion. Shareholders recently voted in favor of a merger between Trump Media & Technology Group (TMTG) and Digital World Acquisition Corp. (DWAC), the parent company of social media platform Truth Social. With the merger’s approval, TMTG, located in Sarasota, Florida, is set to begin trading on the Nasdaq stock market. This development comes at a time when Trump faces significant legal … Read more

Department of Justice Considers Lawsuit to Halt UnitedHealth’s Acquisition of Amedisys

WASHINGTON, D.C. – The U.S. Department of Justice (DOJ) is considering initiating a lawsuit to impede the acquisition of Amedisys by Optum, a subsidiary of the UnitedHealth Group, as reported by SeekingAlpha. Shares of Amedisys fell 0.6% upon hearing the news. The agreement for Optum’s acquisition of Amedisys, worth $3.3 billion or $101 per share, was made in June 2023 and is expected to be finalized this year. The DOJ commenced an investigation into potential antitrust issues relating to the Amedisys-Optum deal last summer. However, neither Amedisys nor Optum have faced any accusations of misconduct … Read more

Low-Cost Air Carriers JetBlue and Spirit Airlines End $3.8bn Merger Deal After US Judge Blocks Acquisition

New York, USA – Low-cost air carriers JetBlue Airways and Spirit Airlines have terminated their $3.8 billion merger agreement, following a previous ruling by a US judge in January that blocked the deal due to anti-competition concerns. The merger, if successful, would have created the United States’ fifth-largest carrier and would have helped Spirit Airlines secure its survival. However, the deal faced obstacles ever since a Boston judge warned that it would harm consumers by reducing competition. JetBlue CEO Joanna Geraghty informed employees through an internal note seen by Reuters that the likelihood of obtaining … Read more