Walmart Sue Visa over Credit Card Fees reports Greg Flahive
Wal-Mart said Visa conspired with banks to illegally fix and inflate fees that retailers pay on card transactions, and that the fees cost U.S. retailers and shoppers more than $350 billion between 2004 and November 2012.
Wal-Mart's complaint was filed Tuesday with the U.S. District Court for the Western District of Arkansas.
San Francisco-based Visa declined to comment on the suit.
Retailers have long complained about the billions of dollars in "swipe" or "interchange"
In December, a judge approved a settlement over card fees between 19 merchants and Visa and MasterCard. The settlement was originally valued at $7.25 billion but shrank to about $5.7 billion because some retailers opted out.
"It will be interesting if this lawsuit will actually help out consumer in the end...." reports Greg Flahive.