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.
More by this Source
Prom Bubble Bursts, Spending Falls 14%
Apr 09, 2014, 08:05 ET
Visa Inc. to Participate in Upcoming Investor Conferences
Feb 24, 2014, 09:05 ET
Visa Inc. Announces Participation at the KBW Conference
Feb 03, 2014, 09:05 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.