US retailing giant Walmart is suing Visa for $5 billion in relation to credit card fees.
Walmart alleges that the credit card company colluded with banks to fix the transaction fees it charged the retailer.
Walmart claims that Visa, along with the banks, allegedly worked to illegally fix the interchange fees and inflate the network fees on Visa charge card transactions.
According to the retailer, the action caused “enormous damage” between the years 2004-2012.
The activity resulted in lower sales, said Walmart.
The news follows on from major US retailers opting out of a $5.7 billion class action settlement with Visa and Mastercard.
The businesses said a clause in the settlement forced those accepting Visa or MasterCard to give up their right to sue the credit card firms over rules at issue in the case or similar ones they might make.
Last December, a judge approved the settlement, even though retailers said it was inadequate.
© 2014 - European Supermarket Magazine
