Visa 2009 Annual Report Download - page 128
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2009
(in millions, except as noted)
2009, to address the issues raised in Visa's motion, and Visa and other defendants filed a renewed motion to dismiss on September 8, 2009.
Joao Bock Transaction Systems—Transaction Security
On May 11, 2009, Joao Bock Transaction Systems of Texas, LLC filed a lawsuit against Visa Inc. and a number of other companies in the U.S. District
Court for the Eastern District of Texas alleging that certain Visa products and/or services infringe U.S. Patent No. 7,096,003 ("Transaction Security
Apparatus"). On June 23, 2009, plaintiff filed a first amended complaint. On July 10, 2009, Visa filed a motion to dismiss plaintiff's claim. On October 1,
2009, the parties executed an agreement to settle the litigation, and the case was dismissed with prejudice on October 13, 2009. The settlement amount is not
considered material to the consolidated financial statements.
Restricted Spending Solutions, LLC—Prepaid and Commercial Cards
On June 23, 2009, Restricted Spending Solutions, LLC filed a lawsuit against Visa U.S.A. and a number of other companies in the U.S. District Court
for the Northern District of Illinois alleging that certain Visa prepaid and commercial cards infringe U.S. Patent No. 6,044,360 ("Third Party Credit Card").
On October 30, 2009, Visa U.S.A. answered the complaint and filed a counterclaim for a declaratory judgment that Visa is not infringing the patent and/or
that the patent is invalid.
Note 22—Subsequent Events
In October 2009, the Company's board of directors authorized a $1.0 billion share repurchase plan. The authorization will be in place through
September 30, 2010, and is subject to extension or expansion at the determination of the Company's board of directors. The Company began repurchasing its
class A shares from the open market in late October 2009 and has continued to do so into November 2009.
In fiscal 2009, the Company entered into an agreement to modify its remaining payment obligations under the original retailers' litigation settlement
agreement, which was approved by the court on October 2, 2009. Pursuant to this agreement, the Company made a payment of $682 million to fully satisfy
the remaining $800 million obligation on October 5, 2009, and the prepayment agreement became final after no appeals to the approval order were filed
within the 30-day appeal period. See Note 21—Legal Matters.
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