Reuters: Regulatory News: UPDATE 1-Visa adds $150 mln to litigation reserves

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UPDATE 1-Visa adds $150 mln to litigation reserves Jul 19th 2012, 21:36 July 19 | Thu Jul 19, 2012 5:36pm EDT July 19 (Reuters) - Visa Inc said it will add $150 million to its litigation reserves, a week after the world's largest credit and debit-card processing network agreed to be part of a massive antitrust settlement. The company, along with rival Mastercard Inc and banks that issue their credit cards, had agreed to a $7.25 billion settlement with U.S. retailers in a lawsuit over the fixing of debit and credit card fees. Visa's share of the settlement is $4.4 billion. In December, Visa had deposited $1.57 billion from its operating cash into the previously established litigation escrow account. The company had $4.28 billion in its litigation escrow account as of March 31, 2012, according to a regulatory filing.

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