LOSS, BUT BEATS STREET: Visa posted a quarterly loss of $1.8 billion on a $4.1 billion increase in its litigation costs. Excluding that expense, Visa earned $1.56 per share, beating analysts’ expectations of $1.45 per share.
SETTLEMENT: Payments processors Visa and MasterCard, along with several major banks, recently settled a longstanding legal battle against stores over card fees. Visa, MasterCard and the banks will pay the retailers $6 billion under the settlement.
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CONSUMER SPENDING: The number of transactions that Visa processed worldwide rose just 1 percent from last year to 13.1 billion. The slowdown was particularly pronounced in the U.S., where the volume of transactions on Visa-branded cards fell 1 percent.
