Wal-Mart Sues Visa for $5B

1

walmartNow this is a heavyweight bout. Wal-Mart is Visa for over $5 billion over claims that the credit card company was violating antitrust regulations and gouging the retailer (and customers) with its high swipe fees.

Swipe fees are the amount paid by retailers to credit card companies for being able to use the cards in their stores. Wal-Mart claims the fees set by Visa caused them to lose business, and made over $350 billion for card issuers.

Smaller retailers reached a settlement in 2012 worth roughly $5.7 billion but large corporations like Target and Wal-Mart are pursuing their own lawsuits. Read more at Reuters.

{Andy Heller-Matzav.com Newscenter}

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here