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Visa settles Discovery suit for $1.9B

Visa Inc. gave details of a $1.8875 billion settlement with Discover Financial Services on Monday.

Discover (NYSE: DFS) filed suit in 2004 against Visa (NYSE: V) and MasterCard (NYSE: MA) seeking about $6 billion in damages and alleging it was harmed by the two card networks not allowing its member banks to issue Discover cards.

Visa and MasterCard reached an earlier settlement with American Express (NYSE: AXP) for $3.9 billion.

In this deal Visa will pay $1.7425 billion from the escrow created under its retrospective responsibility plan, plus $80 million to obtain releases from MasterCard and $65 million more which it says will be paid back by Morgan Stanley in a separate agreement.

Joseph Saunders, CEO and chairman of Visa, said the settlement was in the best interests of the business and its shareholders. Its former U.S. member financial institutions still have to approve the settlement.

http://www.bizjournals.com/sanfrancisco/stories/2008/10/27/daily19.html?b=1225080000^1723624&brthrs=1

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