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Visa Repurchases Stock to Fund Litigation Escrow

NEW YORK -- Visa USA has announced the repurchase of over $1 billion worth of its class B shares, currently held by credit unions and banks which issue Visa, to fund an additional deposit into an escrow account set aside to cover legal expenses.

By David Morrison | Updated on December 21, 2008

NEW YORK — Visa USA has announced the repurchase of over $1 billion worth of its class B shares, currently held by credit unions and banks which issue Visa, to fund an additional deposit into an escrow account set aside to cover legal expenses.

“This transaction not only adds the necessary funds to our litigation escrow, but effectively acts as a $1.1 billion Class B share repurchase program,” said Joseph Saunders, Visa’s chairman and CEO. “It has always been our stated intent to return excess cash to our shareholders in the form of dividends and share repurchases. We are obviously pleased that our strong financial position and excess cash flow allows us to do this.”

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