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.

Copyright 2014 ABC News Radio


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