Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/28/2014 (10 months ago)

Catholic Online (www.catholic.org)

Wal-Mart seeking at least $5 billion in damages.

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers.

Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/28/2014 (10 months ago)

Published in Business & Economics

Keywords: Wal-Mrt, Visa, transaction fees, lawsuit


LOS ANGELES, CA (Catholic Online) - Wal-Mart, the world's biggest retailer is seeking at least $5 billion in damages. Wal-Mart is accusing Visa for what it claims are violations of federal antitrust laws - and that sum could triple.

One of dozens of large merchants that dropped out of a nationwide, multibillion dollar antitrust settlement with Visa and MasterCard Inc. Wal-Mart has elected to pursue their own lawsuits. The company filed its complaint in federal court in Fayetteville, Arkansas, on March 25.

No child need ever go to bed hungry -- go here!


"Visa's monopoly power has enabled it to dictate price and inhibit competition," Wal-Mart said in its complaint.

The lawsuit is now worth about $5.7 billion after reductions for original merchants bowed out. The suit was initially valued at $7.25 billion.

Visa sued the Bentonville, Arkansas-based retailer in June to try to stop it from bringing its own case, saying in a complaint filed in Brooklyn that it sought to prevent "the continuation of endless, wasteful litigation between the parties."

Wal-Mart contends that the card company's conduct caused it to suffer "enormous damage" from January 2004 to late November 2012. No banks are named as defendants in the case.

Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

According to Wal-Mart's complaint, "There is no competition because merchants are prevented from realizing the price-reducing benefits that would result if issuers competed" over the fees they charged retailers, who agreed to accept their cards for payment.

The settlement of the case in Brooklyn followed years of tension over interchange fees that amount to as much as two percent of a sale paid for with a credit card. Retailers and trade associations opposed to the accord contended it didn't pay enough in damages and unfairly blocked all U.S. merchants from suing over fees in the future.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for January 2015
General Intention:
That those from diverse religious traditions and all people of good will may work together for peace.
Missionary Intention: That in this year dedicated to consecrated life, religious men and women may rediscover the joy of following Christ and strive to serve the poor with zeal.



Comments


More Business & Economics

ECONOMIC EARTHQUAKE: IBM rumored to lay off 110,000 employees - biggest cull in business history Watch

Image of First reported on the Forbes Web site, IBM scoffed at the news. Representatives said that the reported scale of the job cuts

By Catholic Online (NEWS CONSORTIUM)

There are alarming indications that the largest corporate layoff in history may be near. There are rumors afoot that computer IBM plans to lay off 110,000 employees shortly. As their entire worldwide workforce is estimated at 430,000, this represents a quarter ... continue reading


Living on less than $2 dollars a day: Only 5 percent of global wealth belongs to the poorest 80 percent of the world Watch

Image of Millions of people around the world are living off of less than two dollars a day.

By Abigail James (NEWS CONSORTIUM)

The staggering increasing inequality among the wealthy and poor around the world continues to be a pressing issue. Eighty rich billionaires have as much money as 3.5 billion of the poorest people. LOS ANGELES, CA (Catholic Online) - The wealthy are occuring their ... continue reading


An amazing 2,500 of the world's most prestigious people canvas Davos, Switzerland for this year's World Economic Forum Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Around 1,700 private jets will cover the sky, as the most elite people of the world descend on the annual World Economic Forum in Davos, Switzerland. Throughout the next week, world leaders, wealthy businessmen and even influential pop stars will come together to speak ... continue reading


Do they have your best interests at heart? A shocking 50 PERCENT of the global wealth precariously belongs to only ONE PERCENT of the world's population Watch

Image of Nearly 50 percent of the world's entire riches belong to only one percent of its people.

By Abigail James (NEWS CONSORTIUM)

Davos men, the world's most elite billionaires and politicians, gather at the World Economic Forum to once again attempt to tackle inequality between the rich and poor as the disparity continues to grow. LOS ANGELES, CA (Catholic Online) - Every year the world's ... continue reading


Downturn of low gas prices: Schlumberger to cut 9,000 jobs due to decline at pump prices Watch

Image of The precipitous fall of $1.8 billion came in a series of one-time charges related to the steep fall in commodity prices.

By Catholic Online (NEWS CONSORTIUM)

There is a downside to the plunging prices at the gas pump: Americans will be losing jobs as companies struggle to make up the difference in falling revenue. Case in point: Schlumberger is cutting 9,000 jobs due to low oil prices. Other petroleum companies are ... continue reading


Improved economy? Study says labor force participation at 36-Year Low Watch

Image of The labor force participation rate is defined as the percentage of the civilian non-institutional population who either had a job or was actively seeking one during the month.

By Catholic Online (NEWS CONSORTIUM)

Gas prices may be cheaper, consumer confidence may be higher - but that does not take away from the brutal fact that many Americans remain jobless. A record 92,898,000 Americans 16 and older did not participate in the labor force in December, as the labor force ... continue reading


The Rise and Fall of the World's Poorest Nations Watch

Image of Leaving list of LDCs entials that of productive capacity development, structural transformation resilience building and sustainable improvement in human and social capital.

By Thalif Deen, Inter Press Service

The world's 48 Least Developed Countries (LDCs) - a special category of developing nations created by the General Assembly in 1971 but refused recognition by the World Bank - have long been described as "poorest of the poor" in need of special international ... continue reading


Is pot the future boom business? The founder of Pay Pal thinks so Watch

Image of The co-founder and former CEO of PayPal, Peter Thiel is investing multiple millions of dollars into Privateer Holdings, a Seattle-based marijuana growing, production, distribution and information company.

By Matt Waterson (NEWS CONSORTIUM)

Founders Fund, a $2 billion dollar, San Francisco-based venture capitalist firm ran by the co-founder and former CEO of PayPal is moving in a new investment direction, turning towards pastures a little greener than former tech and Silicon Valley ... continue reading


Here is the top 10 list of the world's most widely used currencies. Numbers 9 and 10 surprised us! (PHOTOS) Watch

Image of The list of most widely used currencies will surprise you. Confederate money was once sold in bundles to kids for use as play money.

By Catholic Online (NEWS CONSORTIUM)

You might not be surprised to learn that the U.S. dollar is one of the world's most widely used currencies, but there are other less-familiar currencies used around the globe. The list of the top 10 might surprise you. We were surprised to see the last two currencies ... continue reading


Crossings Tea releases unique Chinese tea

Image of Crossings Tea, grown in the remote heartland of China.

By John W. Smagula

Crossings Tea announces the release of its Chinese black, green, and jasmine tea. From the remote Three Gorges region of Central China, Crossings Tea has pure and refined flavors that capture the essence of classical Chinese tea. The company supports the local Yichang ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Hebrews 10:1-10
1 So, since the Law contains no more than a ... Read More

Psalm, Psalms 40:2, 4, 7-8, 10, 11
2 He pulled me up from the seething chasm, from the ... Read More

Gospel, Mark 3:31-35
31 Now his mother and his brothers arrived and, ... Read More

Saint of the Day

Saint of the Day for January 27th, 2015 Image

St. Angela Merici
January 27: When she was 56, Angela Merici said "No" to the Pope. She was ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter