Visa Inc. Announces Decision to Fund Litigation Escrow Account
June 26 2018 - 6:00AM
Business Wire
Visa Inc. (NYSE: V) today announced that on June 25, 2018 the
Company had decided to deposit $600 million (the “Loss Funds”) into
the litigation escrow account previously established under the
Company’s U.S. retrospective responsibility plan (the “Plan”).
Under the terms of the Plan, when the Company funds the U.S.
litigation escrow account, the value of the Company’s class B
shares - which are held exclusively by U.S. financial institutions
and their affiliates and successors - are subject to dilution
through a downward adjustment to the conversion rate of the shares
of class B common stock to shares of class A common stock. This has
the same effect on earnings per share as repurchasing the Company’s
class A common stock, by reducing the class B conversion rate and
consequently the as-converted class A common stock share count by
the equivalent amount of the Loss Funds. The deposit of the Loss
Funds and the adjustment to the class B conversion rate will be
conducted in accordance with the Company’s certificate of
incorporation currently in effect.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visacorporate.tumblr.com and @VisaNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20180626005325/en/
Visa Inc.Investor RelationsMike
Milotich, +1 650-432-7644ir@visa.comorMedia
RelationsAmanda Pires, +1
415-805-4892globalmedia@visa.com
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