Wal-Mart Sues Visa For $5 Billion Over Credit Card Swipe Fees
Wal-Mart is suing Visa for $5 billion dollars for allegedly conspiring with banks to illegally inflate credit card processing fees.
According to Wal-Mart, Visa’s credit card swipe fees violate antitrust regulations and have cost retailers and shoppers more than $350 billion.
This isn’t the first time credit card companies have been taken to court over high fees. In 2012, Visa and Mastercard reached a $7 billion settlement with retailers and agreed to lower their fees. However, Wal-Mart, Target and Amazon opted out of the settlement.
Wal-Mart has not made any mention yet on whether they will bring a similar suit against MasterCard.
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