Walmart Taking Visa to Court Over 'Swipe Fees'
Walmart will soon bein court with credit card company Visa.
The retail giant fileda lawsuit in its home state of Arkansas on Thursday. Walmart has accused Visaof conspiring with banks to fix prices on, what they call, "swipefees."
Swipe fees are theprocessing fees banks charge retailers every time a customer pays with a creditor debit card.
Walmart is suing Visafor $5 billion over the issue. So far Visa has not made any comments on thesuit.
The suit comes nearlytwo years after Visa, MasterCard and several major banks reached amulti-billion-dollar settlement with several retailers in a similar case.
Walmart, Target and Amazonopted out of that settlement.