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MA > SEC Filings for MA > Form 8-K on 19-Oct-2012All Recent SEC Filings

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Entry into a Material Definitive Agreement, Other Events

Item 1.01 Entry into a Material Definitive Agreement

On October 19, 2012, MasterCard Incorporated (the "Registrant") and its operating subsidiary, MasterCard International Incorporated ("MasterCard International" and, together with the Registrant, "MasterCard") entered into a definitive Class Settlement Agreement (the "Class Settlement Agreement") with Visa, Inc., Visa U.S.A. Inc. and Visa International Service Association; the merchant class plaintiffs and customer banks to settle the current U.S. merchant class litigation in the United States District Court for the Eastern District of New York in the case captioned MDL 1720. The Class Settlement Agreement is subject to court approval.

The Class Settlement Agreement is substantially identical to the form of class settlement agreement attached to a Memorandum of Understanding (the "MOU") entered into by the parties on July 13, 2012, with an addition of certain appendices (as contemplated by the MOU). The MOU (including the form of class settlement agreement) was filed by the Registrant as an exhibit to, and described in, the Current Report on Form 8-K filed by the Registrant with the U.S. Securities and Exchange Commission on July 16, 2012 (the "July 8-K").

Item 8.01 Other Events

Separately, on October 19, 2012, MasterCard also executed a settlement agreement (consistent with the agreement-in-principle disclosed in the July 8-K) to settle all claims brought by the individual merchant plaintiffs in the above-referenced U.S. merchant litigations.

As previously disclosed, MasterCard's financial portion of both the merchant class and individual plaintiff settlements is estimated to total $790 million on a pre-tax basis. MasterCard recorded a pre-tax charge of $770 million in the fourth quarter 2011 and an additional $20 million pre-tax charge in the second quarter of 2012 with respect to this settlement.

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