Walmart is suing Visa for $US5 billion over what it says were unreasonably high fees, the Wall Street Journal’s Shelly Banjo reports.
The retail giant is accusing the credit card behemoth of violating antitrust statutes by setting uncompetitive swipe fees.
“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,” the company said. “As a result, Wal-Mart’s retail sales were below what they would have been otherwise.”
Visa shares are down 0.73% after hours.
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