Tuesday, June 25, 2013
The suit claims that the contract between Celebrity Cards and Johnson resulted in the sale of 2,000 of the cards in 2004 through direct-response television advertisements, but that Johnson then tried to back out of the contract. Johnson subsequently partnered with OneWest Bank FSB of Southern California for the Magic Card from Magic Johnson, a MasterCard Worldwide-branded, general-purpose reloadable card product. The report said Johnson entered into the agreement with OneWest without permission from Celebrity Cards.
Johnson is Chairman and Chief Executive Officer of Magic Johnson Enterprises, which operates in several industries, including food service, where it runs Starbucks Coffee Co. locations in inner city neighborhoods. Johnson debuted the OneWset Bank-issued Magic card in June 2012.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.