Visa funds litigation escrow account

Visa Inc. has announced that on March 31, 2011, it had deposited $400 million into the litigation escrow account previously established under the Company's retrospective responsibility plan. Under the terms of the Plan, the $400 million deposit has the effect of a repurchase by the Company of 5,419,273 shares of class A common stock at approximately $73.81 per share, on an as-converted basis, by reducing the as-converted class B common stock share count from 125,253,161 to 119,833,888. The deposit and price per share calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 8-day pricing period from March 25, 2011, through April 5, 2011. As a result of the deposit, the conversion rate applicable to the Company's class B common stock has decreased from 0.5102 to 0.4881 as of March 31, 2011.

Source: Visa