Merchant Accounts
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Payment Processing Solutions
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Cash Advance
Merchant
Account Affiliate Program
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Payment processing firm's assets in dispute2008-03-31First Data Corporation and JP Morgan Chase & Company are involved in a legal wrangle about how to split the assets of a payment processing company. Some 49 per cent of Chase Paymentech Solutions is owned by First Data, while Chase owns 51 per cent, the Green Sheet reports. First Data stated that following the acquisition by a private equity firm, Chase has the right to end the merchant alliance which controls Chase Paymentech before the contract expires in 2010. Due to the complexity of the holdings, it has been predicted that the division of assets could take months to decide. "There is substantial doubt about the continued existence of the company in its current form," commented Grant Thornton LLP, which acts as the auditor of the payment processing firm. Chase Paymentech is involved in processing credit cards for a portfolio of around 600,000 merchants and processed 19 billion transactions last year.   |
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