SAN FRANCISCO, May 20 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V) today announced that the Company had decided to deposit $500 million (the "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 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 of Loss Funds has the effect of a repurchase by the Company of $500 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
About Visa: Visa operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.