Visa settles Class B exchange offer; litigation escrow reimbursement terms set
Visa settled its exchange offer for its Class B-1 and Class B-2 common stock on May 12, 2026, and entered into Makewhole Agreements with participating holders that require them to reimburse Visa in cash for certain future U.S. covered litigation escrow deposits. The filing also estimates the interchange reimbursement fees at issue in unresolved U.S. covered litigation claims at $17.4 billion as of May 11, 2026, a figure the company says will continue to increase.
Key points
- Exchange offer for Class B-1 and Class B-2 common stock settled May 12, 2026; Makewhole Agreements effective May 11, 2026
- Participating holders must reimburse Visa in cash for future litigation escrow deposits once their Class B-3 stock value is depleted
- Holders may transfer only up to one-third of Class C stock received before June 25, 2026, and up to two-thirds before August 9, 2026
- Estimated interchange fees at issue in unresolved U.S. covered litigation claims: $17.4 billion as of May 11, 2026
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 12, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.