Wal-Mart sues Visa for $5 billion over card swipe fees
 

Full story http://www.reuters.com/article/2014/...A2Q2BJ20140327


"(Reuters) - Wal-Mart Stores Inc this week sued Visa Inc for $5 billion, accusing the credit and debit card network of excessively high card swipe fees, several months after the retailer opted out of a class action settlement between merchants and Visa and MasterCard Inc.

Visa declined to comment on the suit, filed Tuesday in the U.S. District Court for the Western District of Arkansas, where Wal-Mart is headquartered.

Visa and other card networks charge retailers fees, called swipe fees or interchange fees, each time a shopper uses a debit or credit card to pay.

In December, a federal judge in Brooklyn, N.Y., approved a $5.7 billion class action settlement between merchants and Visa and MasterCard despite the objections of thousands of retailers that complained it was inadequate."

Story continued http://www.reuters.com/article/2014/...A2Q2BJ20140327

Be funny if Visa refused service to walmart.

Why do so many people go to Walmart? I hate that fucking store. Everytime I go I feel like I'm in a 3rd world country and a gang fight is about to break out. I love target.

I don't see how this is a big issue for Walmart as most people who shop there use FOOD STAMPS not Visa :Oh crap

5 billion is a slap on the butt for visa

seriously? that's the same store just a different sign...

If you don't like the fees then just don't accept visa?

what's next? some idiots will get together and sue paypal? or ccbill? :1orglaugh

Let WalMart support bitcoin then :)

Sam's club already doesn't accept Visa card, hasn't ever that I know of.

At one point, I believe that they were Discover only. I'm pretty sure that's why I had a Discover card at some point.

I have to go to WalMart to pick something up quick, that one one else has in stock right now. I will probably buy a bunch of shit I don't need. I should have gone a few hours ago and am putting it off. Fuck WalMart.

I get what you're saying, but that's like there being only 1 major ISP on the planet, and them charging you what they want, because you are pretty much fucked without them. Having said that, I haven't read anything at all about this lol, so bear that in mind :1orglaugh

There are at least 4 major players in that game: Visa, MC, Amex, Disover + numerous other alternative payment methods... so it's not like Visa has everyone by the balls...

and even if they were the only game in town, it's still not that clear why they shouldn't be allowed to charge whatever they want...

a better analogy I think would be that Visa is a like a marketer with a huge mailing list, you want your goods/services/stores/etc marketed to that mailing list, you pay whatever that marketer wants...

It's cool cause its like watching 2 people that you hate slug it out. No matter who wins they are both getting hurt and that's just awesome.