| COMPANY |
Visa Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-08220 |
| JUDGE |
The Hon. Jacqueline Scott Corley |
| CLASS PERIOD |
March 2, 2023 through September 23, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
The Class Period begins on March 2, 2023, when Visa gave a presentation at the Evercore ISI Payment & Fintech Innovators Forum, where a Visa representative stated that the company expected minimal impact to Visa based on the upcoming July 1, 2023 U.S. Federal Reserve enforcement of two unaffiliated networks throughout every online debit transaction, because of the “capabilities and the functionality,” of Visa’s network. The representative failed to disclose that Visa’s actual response to the Regulation II Clarification was to use Cliff Pricing and related tactics.
Visa continued to make misleading statements about how it was handling the Regulation throughout 2023 and 2024. Visa filed with the SEC its annual report on Form 10-K for the fiscal year that ended September 30, 2023. Specifically, in the annual report, with respect to the company’s compliance with business regulations, Visa stated: “We are subject to complex and evolving global regulations that could harm our business and financial results. Our compliance programs and policies are designed to support our compliance with a wide array of regulations and laws, such as regulations regarding anti-money laundering, anti-corruption, competition, money transfer services, privacy and sanctions, and we continually adjust our compliance programs as regulations evolve.”
On September 23, 2024, after the market closed, multiple news outlets reported that the U.S. Department of Justice (“DOJ”) planned to imminently file suit against Visa for antitrust violations.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Visa was not in compliance with federal antitrust laws; (2) Visa did not have effective internal programs and policies to assess and control compliance with federal antitrust laws; and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Current Status of Case:
On July 15, 2025, Lead Plaintiff filed the First Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.