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
Some iPhone users getting checks for liquid damage Some iPhone users getting checks for liquid damage
2
Boeing announces job relocations, business unit consolidation Boeing announces job relocations, business unit consolidation
3
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
4
Coca-Cola company, other soda makers, pledge to cut calories Coca-Cola company, other soda makers, pledge to cut calories
5
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
Trending News
x
Feedback