Visa 2010 Annual Report Download - page 137
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2010
(in millions, except as noted)
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").
Plaintiff seeks money damages and injunctive relief. 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.
On November 19, 2009, Visa U.S.A. filed its First Amended Answer and Counterclaim to the plaintiff's complaint. On February 5, 2010, the defendants
filed a motion for summary judgment of invalidity based on Visa's U.S. Patent 5,500,513. The court granted defendants' motion for summary judgment on
September 29, 2010. Plaintiff filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit on October 28, 2010.
Note 23—Subsequent Events
In October 2010, the Company's board of directors authorized a $1.0 billion share repurchase plan. The authorization will be in place through
September 30, 2011, subject to extension or expansion at the determination of the Company's board of directors. See Note 16—Stockholders' Equity.
On October 8, 2010, the Company funded the litigation escrow account with $800 million. See Note 4—Retrospective Responsibility Plan.
On October 20, 2010, the Company's board of directors declared a dividend in the aggregate amount of $0.15 per share of class A common stock
(determined in the case of class B and class C common stock on an as-converted basis). See Note 16—Stockholders' Equity.
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