Visa Resolves Monetary Claims in Multi-District Litigation
September 18 2018 - 6:19AM
Business Wire
Looks forward to continued partnership with
merchants to grow digital commerce
Visa Inc. (NYSE: V), Mastercard and U.S. financial institution
defendants have agreed to settle and resolve class claims in the
multi-district interchange litigation. The claims were originally
brought by a class of U.S. retailers in 2005. The current agreement
addresses monetary claims, and does not resolve class claims
seeking modifications to network rules.
“After years of thoughtful negotiation, we are pleased to be
able to reach this agreement and move forward in our partnership
with merchants to provide consumers convenient, reliable, secure
ways to pay,” said Kelly Mahon Tullier, executive vice president,
general counsel, Visa. “This outcome benefits all parties and
enables us to focus more of our resources and attention to building
the future of digital commerce together.”
The proposed settlement amount is approximately $6.2 billion.
Visa’s share represents approximately $4.1 billion, which will be
satisfied through funds previously deposited with the court plus
the $600 million Visa deposited into its litigation escrow on June
28, 2018. No additional funds are required for this class
settlement. Visa’s share is covered under its U.S. Retrospective
Responsibility Plan, which was created to insulate the company and
class A shareholders from financial liability for certain
litigation cases.
Additional information about this settlement and the U.S.
Retrospective Responsibility Plan can be found on Form 8-K filed
September 18, 2018 with the U.S. Securities and Exchange Commission
and available at www.sec.gov.
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 https://usa.visa.com/about-visa/our_business.html,
visacorporate.tumblr.com and @VisaNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005450/en/
Visa Inc.Investor RelationsMike Milotich, 1
650-432-7644InvestorRelations@visa.comorMedia RelationsAmanda
Pires, 1 415-805-4892GlobalMedia@visa.com
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