Fintech Can't Halt Sale Of Raphaels Bank's Visa Shares

Law360, London (July 31, 2020, 7:16 PM BST) -- A London judge Friday rejected payment services provider Sogexia's bid to prevent Raphaels Bank from transferring shares in Visa Inc. to its parent company, despite the fintech's contention they could be sold to pay off the bank's debts.

In an oral judgment, High Court Judge Penelope Reed dismissed Sogexia's injunction bid and refused the fintech company's request to appeal that decision, a representative for Raphaels' legal team confirmed in response to Law360's inquiry about the decision.

Sogexia applied for an injunction at the High Court, saying the bank was poised to transfer valuable shares in the credit card company at a...

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