By Daniel Hunter
The US retail chain, Wal-Mart, is suing Visa for £5bn ($3bn), accusing the credit card firm of fixing Wal-Mart’s transaction fees.
Wal-Mart, the world’s largest retailer, argues that Visa worked with large banks “to illegally fix the interchange fees and inflate the network fees that Wal-Mart and other merchants pay on Visa charge card transactions”, between 2004 and 2012. The ASDA owner said the charges caused “enormous damage”.
It comes after Wal-Mart pulled out of a settlement deal with Visa and Mastercard in December. The retailer objected to the terms of the agreement, along with other US retailers.
Visa attempted to block the move by filing a lawsuit against Wal-Mart in June 2013.
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