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8-K - FORM 8-K - VISA INC. | d273065d8k.htm |
Exhibit 99.1
NEWS RELEASE
Visa Inc. Announces Funding of Litigation Escrow Account
SAN FRANCISCO, CA, December 23, 2011 Visa Inc. (NYSE:V) today announced it had decided to deposit $1.565 billion (the Loss Funds) into the litigation escrow account previously established under the Companys retrospective responsibility plan (the Plan). Under the terms of the Plan, when the Company funds the litigation escrow account, the value of the Companys Class B shares which are held exclusively by U.S. financial institutions and their affiliates and successors is correspondingly adjusted via a reduction in the Class B shareholders as-converted share count. This has the same effect on earnings per share as repurchasing the Companys class A common stock, by reducing the as-converted class B common stock share count. The Company will make this deposit by using funds previously allocated to its current $2 billion class A repurchase program, which was announced on July 27 and October 26, 2011, and which will exhaust all funds available under that program. The deposit of the Loss Funds will be conducted in accordance with the Companys 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.
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Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the worlds most advanced processing networksVisaNetthat is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visas innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
Contacts:
Jack Carsky, Investor Relations
Visa Inc.
Tel: +1 415 932 2213
E-mail: ir@visa.com
Will Valentine, Media Relations
Visa Inc.
Tel: +1 415 932 2564
E-mail: globalmedia@visa.com