Visa deposited $405 million into its U.S. litigation escrow account on Sept 18, triggering automatic downward adjustments to the conversion rates of class B-1, B-2, and B-3 common stock. The adjustments reduced as-converted share counts by a total of approximately 1.1 million shares, with the largest reduction in class B-3 shares falling from 90.6 million to 89.5 million. The move has the same effect on EPS as a share repurchase.
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