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Northern Trust Takes $100M Hit From Visa Suits

Law360 (January 14, 2008, 12:00 AM EST) -- Money manager Northern Trust Corp. has logged a $100 million pretax liability charge that will go toward potential settlement costs related to three antitrust actions against Visa Inc.

The charge is in addition to the $50 million expense it incurred in November from Visa’s settlement of a separate antitrust suit brought by American Express Co., Northern Trust said Friday in a U.S. Securities and Exchange Commission filing.

Northern Trust, which is a member bank of Visa, said together the charges will reduce its fourth-quarter profits by...
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