Visa Sets Aside $1.6B For Antitrust Litigation

Law360, New York (December 23, 2011, 3:52 PM EST) -- Visa Inc. is setting aside nearly $1.6 billion in order to cover potential costs from a slew of pending antitrust suits, adding to the more than $2.7 billion fund it has already stashed away, the company said Friday.

The credit card giant said in a statement that it is depositing $1.57 billion in a litigation escrow account it has previously set up under the company’s retrospective responsibility plan.

Visa, along with MasterCard Inc. and several banks, including Bank of America Corp., JPMorgan Chase & Co. and...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.