Oklahoma Watches and Warnings
Watch KFOR Live Interactive Radar

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

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.