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 Immoral Wal-Mart sues Visa for fixing price of credit card fees

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Immoral Wal-Mart sues Visa for fixing price of credit card fees Vide
PostSubject: Immoral Wal-Mart sues Visa for fixing price of credit card fees   Immoral Wal-Mart sues Visa for fixing price of credit card fees Icon_minitimeThu Mar 27, 2014 11:39 pm
Giant US retailer Wal-Mart has sued credit card firm Visa for $5bn (£3bn), alleging that Visa worked with large banks to fix the price of transaction fees it charged to Wal-Mart.

Immoral Wal-Mart sues Visa for fixing price of credit card fees _73869789_tv012125903

The move comes after Wal-Mart opted out of a $5.7bn settlement with Visa and Mastercard in December.

Wal-Mart and other US retailers, such as Target, objected to the terms of that agreement.

Visa had sued Wal-Mart in June 2013 to prevent the firm from filing a lawsuit.

Wal-Mart, which is the world's largest retailer, argues that Visa worked with large banks "to illegally fix the interchange fees and inflate the network fees that Wal-Mart and other merchants pay on Visa charge card transactions".

Those large fees then caused "enormous damage" between 2004 and 2012, the retailer claims.

Wal-Mart is now suing Visa for damages, which it estimates to be over $5bn.

Visa declined to comment on the lawsuit, which was filed this week in Fayetteville, Arkansas, near Wal-Mart's headquarters.

http://www.bbc.com/news/business-26780821#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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