First Horizon National Corp. said late Monday that expenses tied to Visa Inc.'s antitrust settlement with Discover Financial Services will widen its third-quarter loss by $11 million.
On Oct. 17 the $32.8 billion-asset Memphis company reported a net loss of $118.3 million, compared with a $19.1 million loss in the second quarter and a $7.9 million profit a year earlier.
Visa reached a $1.9 billion settlement with Discover on Oct. 27. First Horizon said in a filing with the Securities and Exchange Commission that, as a member of the Visa USA network, it recognized an $11 million increase to its contingent liability, which was accounted for as a noninterest expense.
First Horizon said its aggregate liability tied to Visa's legal matters is now $36.7 million.
