Wal-Mart Sues Visa for $5 Billion Over Credit Card Swipe Fees

Wal-Mart is suing Visa for $5 billion for allegedly conspiring with banks to illegally fix and inflate credit card processing fees. Wal-Mart said Visa’s swipe fees not only violate antitrust regulations, but have cost U.S. retailers and shoppers more than $350 billion. Visa and MasterCard reached a settlement with retailers in July 2012 in which they agreed to pay up to more than $7 billion and lower their fees. However, Wal-Mart, as well as Target and Amazon, opted out of the settlement.