Visa adds $700 million top-up to litigation fund
30 June 2009 | 906 views | 0
Visa Inc. today announced that the Company has decided to deposit $700 million ("Loss Funds") into the litigation escrow account previously established under the Company's retrospective responsibility plan (the "Plan").
Under the terms of the Plan, when the Company funds the litigation escrow, its U.S. financial institutions, the sole holders of Class B shares, bear a corresponding financial impact via a reduction in their as converted share count. As a result, the deposit of Loss Funds has the effect of a repurchase by the Company of $700 million of Class A Common Stock on an as converted basis.
The deposit of the Loss Funds will be conducted in accordance with the Company's Certificate of Incorporation currently in effect.