Visa 2015 Annual Report Download - page 142

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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2015
Federal Trade Commission Voluntary Access Letter
On September 21, 2012, the Bureau of Competition of the United States Federal Trade
Commission (the “Bureau”) requested that Visa provide on a voluntary basis documents and
information regarding potential violations of certain regulations associated with the Dodd-Frank Act,
particularly Section 920(b)(1)(B) of the Electronic Funds Transfer Act, 15 U.S.C. 1693o-2, and
Regulation II, 12 C.F.R. § 235.7(b) (commonly known as the “Durbin Amendment” and regulations).
The request focuses on information related to the purposes, implementation, and impact of the optional
PIN Debit Gateway Service. The revenue generated by the PIN Debit Gateway Service is not material
to the Company’s financial statements. Visa is cooperating with the Bureau and responding to its
information requests.
Pulse Network
On November 25, 2014, Pulse Network LLC filed suit against Visa Inc. in federal district court in
Texas. Pulse alleges that Visa has monopolized and attempted to monopolize debit card network
services markets. Pulse also alleges that Visa has entered into agreements in restraint of trade,
engaged in unlawful exclusive dealing and tying, violated the Texas Free Enterprise and Antitrust Act,
and engaged in tortious interference with prospective business relationships. Pulse seeks unspecified
treble damages, attorneys’ fees, and injunctive relief, including to enjoin the fixed acquirer network fee
structure, Visa’s conduct regarding PIN-Authenticated Visa Debit, and Visa agreements with
merchants and acquirers relating to debit acceptance. On January 23, 2015, Visa filed a motion to
dismiss the complaint.
Note 21—Subsequent Events
On November 2, 2015, the Company and Visa Europe entered into a transaction agreement,
pursuant to which the Company and Visa Europe agreed on the terms and conditions of the
Company’s acquisition of 100% of the share capital of Visa Europe. See Note 2—Visa Europe.
In October 2015 , the Company’s board of directors authorized a new $5.0 billion share
repurchase program. See Note 14—Stockholders’ Equity.
In October 2015, the Company’s board of directors declared a dividend in the aggregate amount
of $0.14 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 14—Stockholders’ Equity.
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