Visa deposits $1.5B into litigation escrow account, adjusts class B conversion rates
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- Visa (NYSE:V) authorized the deposit of $1.5B into its litigation escrow account that was established under its U.S. retrospective responsibility plan, the card network company disclosed on Thursday.
- When Visa (V) funds the account, the value of its class B-1 and B-2 common stock, which are predominantly held by U.S. financial institutions, are subject to dilution through the downward adjustments to the conversion rates of the class B-1 to class A common stock and class B-2 to class A common stock.
- The deposit and the adjustments to the class B-1 and B-2 conversion rates will be done according to Visa’s (V) certificate of incorporation currently in effect, the company said.
- Visa (V) stock rose 0.2% in Thursday after-hours trading.