Wal-Mart sues Visa for $5 billion over ‘swipe fees’
Wal-Mart is taking credit card company Visa to court.
It filed a lawsuit in its home state of Arkansas Thursday.
The World’s largest retailer accuses Visa of conspiring with banks to fix prices on so-called “swipe fees.”
Those are the processing fees banks charge retailers every time a customer pays with a credit or debit card.
Wal-Mart is suing Visa for five billion dollars over the issue.
So far, Visa has not commented.
The suit comes nearly two years after Visa, MasterCard and major banks reached a multi-billion dollar settlement with several retailers in a similar case.
Wal-Mart, Target, and Amazon opted out of that settlement.