Statement by Visa General Counsel Josh Floum in response to the U.S. District Court's Preliminary Approval of the Multi-District Interchange Litigation

Nov 09, 2012, 15:26 ET from Visa Inc.

FOSTER CITY, Calif., Nov. 9 ,2012 /PRNewswire/ -- "We are pleased that Judge Gleeson has preliminarily approved this settlement, moving us closer to resolving this long standing litigation to the benefit of all involved.  Our belief that the agreement will eventually receive final approval was strengthened today.

"As we have said from the beginning, this settlement is a fair and reasonable compromise for all parties.  It is the result of two years of negotiation between retailers, their legal counsel, the networks, financial institutions and two highly regarded mediators under the supervision of the court.

"We look forward to bringing closure to this issue and working in partnership with retailers and our financial institution clients to accelerate the growth of convenient, secure and reliable electronic payments."

SOURCE Visa Inc.