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Wal-Mart sues Visa for $5 billion over ‘swipe fees’

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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.

Filed in: News

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