Visa Deposits $405M into Litigation Escrow Account, Adjusts Conversion Rates

Visa has authorized the deposit of $405M into its U.S. litigation escrow account as part of its retrospective responsibility plan.

The company made the disclosure in a regulatory filing, stating that this move led to downward adjustments to the conversion rates of certain class B common stock to class A common stock.

As a result, the conversion rate for class B-1 common stock decreased from 1.5445 to 1.5400, reducing the share count by approximately 9,804 shares.

The same effect was seen in class B-2 and class B-3 common stock, with the respective share counts decreasing by around 4,377 and 1,089,926 shares.