Business | Banking
Visa adds $1.1b to lawsuit fund
Visa Inc, the world's largest credit card network, said yesterday it deposited $1.1 billion into its litigation account to cover legal charges.
- Reuters
- Published: 23:36 December 22, 2008
New York: Visa Inc, the world's largest credit card network, said yesterday it deposited $1.1 billion into its litigation account to cover legal charges.
Before becoming a public company in March, Visa set aside $3 billion to cover lawsuits, but the company has already spent $2.1 billion in a settlement with American Express Co for anti-competence practices.
In addition, the credit card network agreed in October to pay $1.89 billion to Discover Financial Services over the next year for a similar settlement, surpassing the funds initially separated to cover legal charges.
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