The world’s biggest retailer is ready to face off against a credit card giant in court over allegations of transaction fee fixing.
Walmart recently filed a big lawsuit against Visa, alleging the company conspired with banks to fix transaction fees. This, says Walmart, violates federal antitrust laws, and is seeking at least $5 billion in damages.
The lawsuit is similar to one filed by U.S merchants against Visa and MasterCard. It wrapped up late last year, with a judge handing down a $7.5 billion settlement in favor of the retailers. Walmart had originally been part of that action, but had withdrawn from the case.
Walmart says the conduct has caused it “enormous damage” and doesn’t think retailers should be forced to accept all payments from Visa-issued brands.
“Visa’s monopoly power has enabled it to dictate price and inhibit competition,” Walmart stated in its complaint.