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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]

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