Featured Savings Rates

Walmart Sues Visa For $5 Bn For Rigging Card Fees

Shorebreak   |     |   4,060 posts since 2010

"The world's largest retailer Walmart has sued credit card giant Visa for more than $5 billion for conspiring with banks to fix fees that merchants pay for accepting Visa card payments. In the suit filed this week in Arkansas, where Walmart is based, the retailer said Visa worked with some of the largest US banks "to illegally fix the interchange fees and inflate the network fees that Walmart and other merchants pay on Visa charge card transactions."