Visa 2012 Annual Report Download - page 114
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Table of Contents VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2012
signed a settlement agreement to resolve the class plaintiffs' claims in the interchange MDL. Visa also signed a settlement
agreement to resolve the claims brought by a group of individual merchants which were consolidated with the MDL for coordination
of pre-trial proceedings. The court granted preliminary approval of the settlement agreement with the class plaintiffs on November
9, 2012. However, the settlement with the class plaintiffs is subject to final court approval, which cannot be assured until received,
and to the adjudication of any appeals. See Note 3—Retrospective Responsibility Plan and Note 21—Legal Matters to our
consolidated financial statements.
On October 24, 2012, the Company announced that Charles W. Scharf had been appointed to serve as Chief Executive
Officer and a member of the board of directors of the Company, effective November 1, 2012.
On October 24, 2012, the Company’s board of directors declared a dividend in the aggregate amount of $0.33 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 15—
Stockholders' Equity .
On October 24, 2012, the Company’s board of directors authorized an additional $1.5 billion share repurchase program to be
in effect through October 2013. See Note 15—Stockholders' Equity .
On October 29, 2012, the Company made a payment of $350 million from the litigation escrow account to the Individual
Plaintiffs' Settlement Fund. See Note 3—Retrospective Responsibility Plan and Note 21—Legal Matters to our consolidated
financial statements.
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