Statement by Visa General Counsel Josh Floum

FOSTER CITY, Calif., Oct. 19, 2012 /PRNewswire/ -- "Today's filing is an important milestone toward resolving the long-running litigation between the nation's retailers, financial institutions and payment networks.  It is the result of more than two years of negotiations involving two highly regarded mediators, under the supervision of the Court, and with the approval of all the parties involved.

"When finalized, this settlement will bring to an end nearly ten years of repeated legal challenges against the default interchange system.

"The settlement is a fair and reasonable negotiated compromise based on the facts and the parties' legal positions.  Now that the settlement has been filed and the retailer plaintiffs have formally asked the Court for approval, we are confident the Court will approve the settlement as in the best interests of all parties."

SOURCE Visa Inc.