Wal-Mart Stores, Inc. (WMT) Sues Visa Inc (V)

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Wal-Mart Stores, Inc. (WMT) Sues Visa Inc (V)

Wal-Mart Stores, Inc. (NYSE:WMT) has sued Visa Inc (NYSE:V) for $5 billion in damages, alleging the card issuer, in league with some US banks, forced merchants to pay excessively high card swipe charges including interchange and network fees.

The suit is one more step in the long drawn-out legal battle between merchants and card issuers Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) on the subject of card swipe fees. A previous class-action litigation in this regard lasted seven years and culminated in a $7.25 billion settlement in July 2012. Some 8,000 retailers, including Wal-Mart Stores, Inc. (NYSE:WMT), refused to accept the settlement and demanded the imposition of penalties and