Visa Inc. Announces Decision to (Additionally) Fund Litigation Escrow Account
(Put in $700 million in June 2009)
SAN FRANCISCO, March 28, 2011 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced that the Company had decided to deposit $400 million into the litigation escrow account previously established under the Company's retrospective responsibility plan (the "Plan"). The deposit will be conducted in accordance with the Company's certificate of incorporation currently in effect. Under the terms of the Plan, when the Company funds the litigation escrow, its U.S. financial institutions and their affiliates and successors, 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 will have the effect of a repurchase by the Company of $400 million of class A common stock on an as-converted basis. Accordingly, the Company will make this deposit by using funds previously allocated to the $1 billion class A repurchase program announced on October 27, 2010.
