Wal-Mart sues Visa for $5bn over 'excessive' card fees

[Locutus]

The world’s biggest retailer Wal-Mart is suing Visa for $5 billion for excessively high card swipe fees between 2004 and 2012.

According to Wal-Mart, the fixed interbank commission violated antitrust law, and in the 9 years the card issuers made more than $350 billion, partly at the expense of retailers and customers.

"The anticompetitive conduct of Visa and the banks forced Wal-Mart to raise retail prices paid by its customers and/or reduce retail services provided to its customers as a means of offsetting some of the artificially inflated interchange fees," as Reuters cites the Wal-Mart court documents.

"As a result, Wal-Mart's retail sales were below what they would have been otherwise."



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?Wal-Mart sues Visa for $5bn over 'excessive' card fees ? RT Business

 

[SLM]

This is kind of like when Godzilla takes on Mothra, you just don't quite know who to root for.

 

[Tecumsehsbones]

This is kind of like when Godzilla takes on Mothra, you just don't quite know who to root for.

Only thing better than "Eat the Rich" is watching the rich eat each other.

Biggest regret: that I don't have a piece of this action.

 

[captain morgan]

Walmart making accusations on anti-trust issues?.. What a joke, is it April Fool's Day already?

 

[Sal]

Is there any money in it for me? Just askin'?

I just need 1.5 million, that's not a lot in the big scheme of things...a mere pittance actually.