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Share Name | Share Symbol | Market | Type |
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Visa Inc | NYSE:V | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.68 | 0.25% | 268.00 | 269.47 | 266.65 | 269.35 | 5,065,326 | 23:16:31 |
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Delaware
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001-33977
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26-0267673
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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P.O. Box 8999
San Francisco, California
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94128-8999
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(Address of Principal Executive Offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement.
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A release from participating class members for liability arising out of conduct alleged by the Damages Class in the litigation, including claims that accrue no later than five years after the Amended Settlement Agreement becomes final. Participating class members will not release injunctive relief claims as a named representative or non-representative class member in the putative class action seeking injunctive relief in
Barry’s Cut Rate Stores, Inc., et al. v. Visa, Inc., et al.
, MDL No. 1720 Docket No. 05-md-01720 (MKB) (JO).
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An additional settlement payment from all defendants of $900 million, with the Company’s share of the additional settlement payment being $600 million. The Company’s share will be paid from the previously funded litigation escrow account established pursuant to the Company’s retrospective responsibility plan (the “Retrospective Responsibility Plan”). The additional settlement payment will be added to the approximately $5.3 billion previously paid by the defendants pursuant to the original 2012 settlement agreement in the Multi-District Litigation. More information on the Retrospective Responsibility Plan and the original 2012 settlement agreement is described in the Company’s Form 10-K filed with the Securities and Exchange Commission on November 17, 2017.
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Up to $700 million may be returned to defendants (with up to $467 million to the Company) if more than 15% of class members (by payment volume) opt out of the class. The amount that may be returned to defendants is calculated using a formula based on the payment volume attributable to class members that opt out of the class. If more than 25% of class members (by payment volume) opt out of the class, defendants may terminate the Amended Settlement Agreement.
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VISA INC.
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Date: September 18, 2018
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By:
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/s/ Alfred F. Kelly, Jr.
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Alfred F. Kelly, Jr.
Chief Executive Officer
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1 Year Visa Chart |
1 Month Visa Chart |
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