Posted: Friday, 28 March 2014 8:32AM

Walmart Sues Visa over Transaction Fees

Justin Sullivan/Getty Images(WASHINGTON) -- Walmart is suing Visa, accusing the credit card company of conspiring with banks to illegally fix and inflate transaction fees.

Every time a customer swipes a credit card, the card's issuer gets a percentage of the purchase. Over a period of nine years, Walmart claims those Visa swipe fees cost the retailer $350 billion.

The lawsuit also claims that Visa and large U.S. banks conspired to prevent Walmart and other stores from protecting themselves against the high fees.

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