VISA INC. (NYSE:V) Files An 8-K Other EventsItem 8.01Other Events.
On June 26, 2018, Visa Inc. (the “Company”) issued a press release announcing that on June 25, 2018 the Company had decided to deposit $600 million (the “Loss Funds”) into the litigation escrow account previously established under the Company’s U.S. retrospective responsibility plan (the “Plan”). Under the terms of the Plan, when the Company funds the U.S. litigation escrow account, the value of the Company’s class B shares – which are held exclusively by U.S. financial institutions and their affiliates and successors – are subject to dilution through a downward adjustment to the conversion rate of the shares of class B common stock to shares of class A common stock. This has the same effect on earnings per share as repurchasing the Company’s class A common stock, by reducing the class B conversion rate and consequently the as-converted class A common stock share count by the equivalent amount of the Loss Funds. The deposit of the Loss Funds and the adjustment to the class B conversion rate will be conducted in accordance with the Company’s certificate of incorporation currently in effect.
A copy of the press release issued on June 26, 2018, is attached as Exhibit 99.1 to this Current Report on Form 8-K. All information in the press release is furnished but not filed.
Item 8.01Financial Statements and Exhibits.
(d) Exhibits
VISA INC. ExhibitEX-99.1 2 vex99106262018.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1NEWS RELEASEVisa Inc. Announces Decision to Fund Litigation Escrow AccountSan Francisco,…To view the full exhibit click here
About VISA INC. (NYSE:V)
Visa Inc. (Visa) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments. The Company operates through payment services segment. The Company enables global commerce through the transfer of value and information among the participants. The Company’s transaction processing network facilitates authorization, clearing and settlement of payment transactions and enables to provide its financial institution and merchant clients a range of products, platforms and value-added services. The Company is a retail electronic payment network based on payments volume, number of transactions and number of cards in circulation. Its products/services include core products, processing infrastructure, transaction processing services, digital products, merchant products, and risk products and payment security initiatives.