Visa 2007 Annual Report Download - page 109
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Table of Contents
Visa Inc.'s future minimum payments under the settlement agreement are as follows:
(in millions)
Fiscal
2008 $ 1,155
2009 280
2010 280
2011 280
2012 70
Total Future Commitments $ 2,065
To account for the agreement, Visa U.S.A., which became a wholly-owned subsidiary of the Company upon the consummation of the reorganization in
October 2007, recorded litigation expense in its fiscal 2007 consolidated financial statements equal to $1.9 billion, the present value of the total payment it
expects to make. The settlement will be funded through the Company's retrospective responsibility plan, which consists of several related mechanisms,
including a series of agreements with U.S. financial institutions to fund certain litigation, including the American Express litigation covered by this settlement
agreement.
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