by Alyssa Oursler | June 14, 2013 12:55 pm
Well, the battle between Visa (V) and Walmart (WMT) rages on.
The original lawsuit, if you remember, revolved around “swipe fees,” fees that are charged to merchants when customers use credit cards. The lawsuit was settled for most of the 8 million companies involved … but not all.
Walmart, for one, rejected the $7.25 billion antitrust settlement in the interchange fee litigation, while around 8,000 merchants also opted out and the National Retail Federation was also against it.
Now, though, Visa is suing to prevent big-box company from pursuing more damages, saying that Walmart is trying to “endlessly litigate many of the same issues over its interchange fees” and noting that it “already paid Walmart a significant settlement to resolve an earlier round of litigation over its practices.”
Walmart stands by it rejection of the settlement, though, saying:
“The proposed settlement would allow credit card companies and big banks to perpetuate a broken system that costs consumers billions of dollars each year, and we, like more than 7,000 other conscientious merchants who have opted out, cannot go along with it.”
Source URL: http://investorplace.com/2013/06/why-visa-is-suing-walmart/
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