facebook
twitter
rss
account
search
search
 

Wal-Mart sues Visa for $5 billion over credit card swipe fees

Credit card companies charge businesses a fee for every time a customer charges a purchase.
By Aileen Graef   |   March 28, 2014 at 11:45 AM   |   Comments

March 28 (UPI) -- 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.

[The Street]

Follow @AileenGraef and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
Russia doesn't fear Azeri gas, scholar says Russia doesn't fear Azeri gas, scholar says
4
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
5
EIA: North Dakota close to flaring goal EIA: North Dakota close to flaring goal
Trending News
Around the Web
x
Feedback