Visa adds $1.1b to lawsuit fund

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.