Visa deposits $700 million into litigation escrow account

Visa Inc., one one the leading payment processing services declared that it had deposited $700 million into the litigation escrow account previously established under the Company's retrospective responsibility plan. Thus, according to the Plan, the $700 million deposit has the effect of a repurchase by the Company of 11,578,878 shares of Class A common stock at about $60.45 per share, on an as-converted basis, by reducing the as-converted Class B common stock share count from 154,566,658 to 142,987,780. As a result of the deposit, the conversion rate applicable to the Company's Class B common stock has dropped from 0.6296 to 0.5824.