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Wal-Mart sues Visa for $5B over swipe fees

Mar. 27, 2014 5:10 PM ETWalmart Inc. (WMT) StockWMT, VBy: Eric Jhonsa, SA News Editor65 Comments
  • Wal-Mart (NYSE:WMT) accuses Visa (NYSE:V) of setting excessive swipe fees in violation of antitrust laws, and wants $5B in compensation.
  • The suit comes a week after an appeals court upheld a Federal Reserve-imposed $0.21 cap on debit card swipe fees, in spite of retailer opposition.
  • Wal-Mart, Target, and others opposed a $5.7B swipe-fee settlement covering suits from dozens of retailers, arguing the deal won't prevent fees from rising down the line.
  • Wal-Mart also accuses Visa and its bank partners of "perpetuating the use" of relatively fraud-prone magnetic stripe cards in lieu of more secure chip/PIN technology (widely used in Europe).

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