DENVER - (08/10/04) -- First Data Corp. said it paid a $40million dividend to shareholders of its NYCE electronic fundstransfer network, including $25.5 million to itself, just beforeselling the network in May to Marshall & Ilsley's MetavanteCorp. First Data acquired its stake in NYCE in August 2002 for $353million and sold the stake to Metavante for $389 million. The otherfour shareholders in NYCE, banking giants HSBC, Citibank, JP MorganChase, and Bank of America, received $55.25 million each for their9% shares in the network. First Data was required to sell itsinterest in NYCE under a settlement of an antitrust suit with theDepartment of Justice, which allowed First Data to complete itsacquisition of Concord EFS, parent of the Star Systems EFTnetwork.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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