Visa Inc. said Monday that it has deposited $1.1 billion into the litigation escrow account established under the company's retrospective responsibility plan.
Under terms of the plan, when Visa funds the litigation escrow its U.S. financial institutions, the holders of its class B shares, bear the expense through a cut in their as-converted share count.
"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," Joseph Saunders, Visa's chairman and chief executive officer, said in a press release.
