Business

Wal-Mart Sues Visa for $5 Billion Over ‘Swipe Fees’

[CNN]

In this Wednesday, Dec. 4, 2013, file photo, April Taylor of Upper Marlboro, Md., left, buys items from groceries to Christmas presents with her son Jarhon Taylor, right, on opening day of a new Wal-Mart on Georgia Avenue in Northwest Washington. (AP Photo/Jacquelyn Martin, File)
In this Wednesday, Dec. 4, 2013, file photo, April Taylor of Upper Marlboro, Md., left, buys items from groceries to Christmas presents with her son Jarhon Taylor, right, on opening day of a new Wal-Mart on Georgia Avenue in Northwest Washington. (AP Photo/Jacquelyn Martin, File)

In a battle of retailing titans, Wal-Mart Stores is suing Visa, accusing the credit card company of conspiring with banks to fix prices on the processing fees retailers are charged.

Wal-Mart (WMTFortune 500), the world’s largest retailer, says Visa’s price fixing cost it at least $5 billion in damages. And since the case is a federal antitrust case, it is seeking damages three times that amount or $15 billion.

Visa (VFortune 500), MasterCard (MAFortune 500) and major banks reached a tentative settlement with many retailers in July 2012; the card companies agreed to pay up to $7.25 billion and lower the fees they charge stores. That settlement was approved by a federal judge last December.

READ MORE

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker