Walmart suing Visa for $5b

[BDBoop]

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

Wal-Mart, the world's largest retailer, is seeking damages from price fixing and other antitrust violations that it claims took place between January 1, 2004 and November 27, 2012.

In its lawsuit, Wal-Mart contends that Visa, in concert with banks, sought to prevent retailers from protecting themselves against those swipe fees, eventually hurting sales.

"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," Wal-Mart in court documents.

"As a result, Wal-Mart's retail sales were below what they would have been otherwise."

When asked whether Wal-Mart would file a suit against Mastercard, a spokesman for the retailer said the company would not discuss its litigation plans publicly.

Wal-Mart contends that that the way Visa set swipe fees violated antitrust regulations and generated more than $350 billion for card issuers over the nearly 9-year period in question, in part at the expense of the retailer and customers.

The case is in re: Wal-Mart Stores, U.S. District Court, Western District of Arkansas, No. 05101.

Nothing like watching two corporate giants duking it out.

 

[Politico]

Walmart complaining about price fixing. Hilarious.