Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/28/2014 (2 years 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 (2 years 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.

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for DECEMBER 2016
Universal:
End to Child-Soldiers: That the scandal of child-soldiers may be eliminated the world over.
Evangelization: Europe: That the peoples of Europe may rediscover the beauty, goodness, and truth of the Gospel which gives joy and hope to life.



Comments


More Business & Economics

Pope Francis' nightmare? World's richest 8 men own as much as 3.6 billion people Watch

Image of The richest one percent own what the world's poorest have COMBINED.

By Kenya Sinclair (CALIFORNIA NETWORK)

During an interview with Dutch newspaper Straatinieuws, Pope Francis explained: "I would like a world without the poor. We must fight for this. But I am a believer and I know that sin is always within us. And there is always human greed, the lack of solidarity, the ... continue reading


Is YOUR job in danger? Thousands of Americans to lose jobs as 218 iconic American brands collapse Watch

Image of Over 200 American brands are closing stores to keep their heads above water.

By Kenya Sinclair (CALIFORNIA NETWORK)

An iconic American brand with a century-long history is shutting down hundreds of stores in the face of bankruptcy. LOS ANGELES, CA (Catholic Online) - According to Business Insider, several Sears chains have been losing so much money that staff is starting to hand out ... continue reading


Yes, Millennials are lazy, but it's not their fault says one high-profile consultant Watch

Image of Simon Sinek says millennials are lazy, but it isn't their fault.

By David Drudge (CALIFORNIA NETWORK)

Yes, Millennials, you have a problem, but it's not your fault. This is the conclusion of Simon Sinek, the famous leadership consultant who is launching a tour around Australia and New Zealand. LOS ANGELES, CA (California Network) -- Millennials do have a problem, ... continue reading


Third of millennial adults still living with parents -- here's the reason why and what we had better do about it... soon Watch

Image of They can't change a tire, but they can protest like champs. It doesn't help we are paying them less for the same work as previous generations. Our debt is accruing interest, and they're losing interest in democracy.

By Marshall Connolly (CALIFORNIA NETWORK)

Adults are living at home with their parents in numbers not seen since the Great Depression. LOS ANGELES, CA (California Network) - If you're a millennial, you know how the dating scene works about 40 percent of the time: "Can I come over?""Sure, let me ask my ... continue reading


The genius secret why Trump is stacking his cabinet with pro-business staff Watch

Image of Our nation is about to be great once again.

By David Drudge (CALIFORNIA NETWORK)

Donald Trump is facing a lot of criticism over his cabinet choices. He has repeatedly appointed Washington D.C. outsiders to posts within his administration based on their business expertise. This has left politicians upset, leveling accusations that Trump does not ... continue reading


GOODBYE CASH! Some banks to go cashless Watch

Image of Citibank has said some branches may become cashless.

By Marshall Connolly (CALIFORNIA NETWORK)

Citibank has announced it will stop accepting cash at some branches. The move is sparking surprise and anger as the bank appears to be moving customers towards virtual banking. Around the world, there is a trend to suppress the use of cash in favor of electronically ... continue reading


Here's how Trump is already making America great again, just by getting elected Watch

Image of He hasn't even taken office and the country has reversed course.

By David Drudge (CALIFORNIA NETWORK)

He's only a president-elect, but Donald Trump is already making America great again. In the week since his election, several positive events have transpired including the dollar reaching a 14-year high. The contrasts with the media coverage which is all spin, intended ... continue reading


China remains a fast-growing trade monster Watch

Image of Chinese exports continue to dominate the world market.

By Marshall Connolly (CALIFORNIA NETWORK)

Chinese exports remain dominant in the world, bringing about $2.3 trillion into the country annually. LOS ANGELES, CA (California Network) - China remains a fast-growing trade monster, now raking in $2.3 trillion per year, up from $1.9 trillion four years earlier. The ... continue reading


Wages, jobs rise in October as recovery finally reaches the middle class Watch

Image of Wages are on the rise, but so too will be interest rates.

By Marshall Connolly (CALIFORNIA NETWORK)

Did you get a raise recently? If you haven't you might soon. According to payroll data, worker wages are finally starting to rise. The increase should boost the economy and spur the Federal Reserve to finally raise interest rates. LOS ANGELES, CA (California Network) - ... continue reading


Another warning. The world is about to run low on JOBS as automation takes over Watch

Image of What will we do in a world without work?

By Marshall Connolly (CALIFORNIA NETWORK)

More data and more warnings. The fourth industrial revolution has started. It will be jobless and many people will lose their employment, or be forced to compete for their jobs. The result is, you will probably be unemployed, or accept low wages to survive. LOS ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Hebrews 5:1-10
1 Every high priest is taken from among human beings and is appointed to ... Read More

Psalm, Psalms 110:1, 2, 3, 4
1 [Of David Psalm] Yahweh declared to my Lord, 'Take your seat at my ... Read More

Gospel, Mark 2:18-22
18 John's disciples and the Pharisees were keeping a fast, when some ... Read More

Saint of the Day

Saint of the Day for January 16th, 2017 Image

St. Fursey
January 16: Irish monastic founder, the brother of Sts. ... Read More