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Visa disclosed Thursday (Sept. 26) that it authorized the deposit of $1.5 billion into the litigation escrow account previously established under its U.S. retrospective responsibility plan.
The company made this move Wednesday (Sept. 25), it said in a filing with the Securities and Exchange Commission (SEC).
“Under the terms of the plan, when the company funds the U.S. litigation escrow account, the value of the company’s class B-1 and B-2 common stock, which are held predominantly by U.S. financial institutions and their affiliates and successors, are subject to dilution through downward adjustments to the conversion rates of the class B-1 to class A common stock and class B-2 to class A common stock,” Visa said in the filing. “This has the same effect on earnings per share as repurchasing the company’s class A common stock.”
Visa’s litigation escrow account was previously established under the company’s U.S. retrospective responsibility plan to address potential liability in certain U.S. litigation matters, according to the company’s investor relations website.
On Tuesday (Sept. 24), the U.S. Department of Justice filed an antitrust lawsuit against Visa, accusing it of stifling competition in the debit card market and suppressing alternatives.
The complaint alleged that Visa employed exclusionary contracts and anticompetitive practices to maintain its market share dominance, resulting in higher for merchants and consumers.
In a statement provided to PYMNTS, Visa General Counsel Julie Rottenberg said the lawsuit is “meritless,” adding that Visa is “just one of many competitors in a debit space that is growing, with entrants who are thriving.”
“When businesses and consumers choose Visa, it is because of our secure and reliable network, world-class fraud protection, and the value we provide,” Rottenberg said in the statement. “We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable. This lawsuit is meritless, and we will defend ourselves vigorously.”
In a separate legal challenge, a judge presiding over the latest chapter in the proposed credit card swipe fee settlement between Visa, Mastercard and millions of merchants posted her opinion that she “was not likely to approve the proposed settlement” because it failed to treat all merchants equitably and did not provide adequate relief compared to what merchants could potentially win at trial.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
The company made this move Wednesday (Sept. 25), it said in a filing with the Securities and Exchange Commission (SEC).
“Under the terms of the plan, when the company funds the U.S. litigation escrow account, the value of the company’s class B-1 and B-2 common stock, which are held predominantly by U.S. financial institutions and their affiliates and successors, are subject to dilution through downward adjustments to the conversion rates of the class B-1 to class A common stock and class B-2 to class A common stock,” Visa said in the filing. “This has the same effect on earnings per share as repurchasing the company’s class A common stock.”
Visa’s litigation escrow account was previously established under the company’s U.S. retrospective responsibility plan to address potential liability in certain U.S. litigation matters, according to the company’s investor relations website.
On Tuesday (Sept. 24), the U.S. Department of Justice filed an antitrust lawsuit against Visa, accusing it of stifling competition in the debit card market and suppressing alternatives.
The complaint alleged that Visa employed exclusionary contracts and anticompetitive practices to maintain its market share dominance, resulting in higher for merchants and consumers.
In a statement provided to PYMNTS, Visa General Counsel Julie Rottenberg said the lawsuit is “meritless,” adding that Visa is “just one of many competitors in a debit space that is growing, with entrants who are thriving.”
“When businesses and consumers choose Visa, it is because of our secure and reliable network, world-class fraud protection, and the value we provide,” Rottenberg said in the statement. “We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable. This lawsuit is meritless, and we will defend ourselves vigorously.”
In a separate legal challenge, a judge presiding over the latest chapter in the proposed credit card swipe fee settlement between Visa, Mastercard and millions of merchants posted her opinion that she “was not likely to approve the proposed settlement” because it failed to treat all merchants equitably and did not provide adequate relief compared to what merchants could potentially win at trial.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
