July 25 (Reuters) - Visa Inc, the world’s largest credit and debit-card network, posted a third-quarter net loss as it set money aside to cover litigation costs, and the company authorized a new $1 billion share repurchase program.
The company reported a net loss of $1.8 billion, or $2.74 per Class A share, compared with a profit of $1.0 billion, or $1.43 per Class A share, a year earlier.
The net loss includes a $4.1 billion litigation provision that the company took related to the ‘swipe fee’ anti-trust case.
Visa, along with rival Mastercard Inc and banks that issue their credit cards, agreed to a $7.25 billion settlement with U.S. retailers in a lawsuit over the fixing of debit and credit card fees.
Visa’s share of the settlement is $4.4 billion. Last week, it added $150 million to its legal reserves. (Reporting by Jochelle Mendonca in Bangalore; Editing by Roshni Menon)