Wal-Mart sues Visa over card fees

Wal-Mart sues Visa over card fees

Credit: Getty Images

SAN LORENZO, CA - FEBRUARY 20: A Wal-Mart truck sits outside of a Wal-Mart store on February 20, 2014 in San Lorenzo, California. Wal-Mart reporterd a 21 percent decline in fourth quarter earnings with profits of $4.4 billion or $1.36 a share compared to $5.6 billion, or $1.67 per share one year ago. (Photo by Justin Sullivan/Getty Images)

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by Associated Press

KING5.com

Posted on March 27, 2014 at 7:15 PM

 NEW YORK (AP) — Wal-Mart Stores is suing Visa over fees that it charges the world's largest retailer when customers use a credit or debit card.

 
Wal-Mart says Visa conspired with banks to illegally fix and inflate fees that retailers pay on card transactions.
 
The company says that the fees cost U.S. retailers and shoppers more than $350 billion between 2004 and November 2012.
 
The complaint was filed Tuesday with the U.S. District Court for the Western District of Arkansas.
 
Visa did not return a request for comment.
 
In December, a judge approved a settlement over card fees between 19 merchants and Visa and MasterCard. Wal-Mart was not part of that group.
 
The settlement was originally valued at $7.25 billion but shrank to about $5.7 billion because some retailers opted out.

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