Visa adds $700 million top-up to litigation fund
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").
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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.