Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/28/2014 (1 year ago)

Catholic Online (

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.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

3/28/2014 (1 year 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'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Business & Economics

Three BILLION barrels of excess oil available now - but is this a good thing? Watch

Image of Inflated inventories and oil wealth has spread globally, from the United States to the developed economies of Europe, and now China, according to the agency.


With the price of gas comfortably lower than $3 a gallon at many gas pumps across the land, consumers are enjoying a price break. The reason behind this windfall is largely because there are now more than three billion barrels of excess oil in the world. This ... continue reading

HARD NEWS HEADED FOR EXTINCTION! Filters turning off certain information imperil journalism Watch

Image of Daily newspapers have gone from nearly 1,800 in 1945 to about 400.


Newspapers, along with print media in general is in rapid decline - while Internet news, groomed and curried for special interest groups is on the rise. The fallout is that hard news, presented objectively is in dire threat of virtual extinction. "Opinion ... continue reading

The 'WAR ON CHRISTMAS' continues as Starbucks' new seasonal cups spark public outrage Watch

Image of Starbucks is the center of a mass controversy when it decided to release plain red cups this holiday season instead of its traditional Christmas and general holiday-themed cups (Rozzieland blogs).


When coffee giant Starbucks released red cups in place of their traditionally holiday-themed cups this winter, Arizona-based evangelist Joshua Feuerstein cried bigotry. LOS ANGELES, CA (Catholic Online) - In a Facebook video rant, Feuerstein wrote, "I think in the age ... continue reading

Pretty much all you could ask for from the month of October - unemployment at five percent, new hires Watch

Image of The 271,000 jump in payroll was surprisingly robust, far better than the Labor Department expected last week.


"It was pretty much everything you could ask for in a jobs report," Michelle Meyer, deputy head of United States economics at Bank of America Merrill Lynch says. Unemployment was at five percent and there were significant job hires for the month of October. ... continue reading

Invest as a Catholic - without selling your soul! Watch

Image of

By Kevin Jones (CNA News)

For Catholics who want to invest in a retirement plan but hesitate for fear of unintentionally supporting causes contradicting their faith, a financial advisor group is now offering a new option. Washington D.C. (CNA) - "We'd like to see every Catholic organization ... continue reading

SOMETHING IS BREWING: Agreement could lead to biggest beer deal - and top five business deals EVER Watch

Image of The prevailing trend among younger beer drinkers is for smaller, more specialized labels from independent breweries. In response, bigger beer brands are struggling to hold on to their market share.


Something big is brewing in the world of brew. AB InBev or Budweiser is offering SABMiller shareholders $67.59 per share. The maker of Miller Lite, Pilsner Urquell and Peroni, this represents a premium of roughly 50 percent over the share price. The agreement, ... continue reading

Overworked Wall Street employees experience seizures, are hospitalized, and have died Watch

Image of John Hughes in Thomas' bedroom (Damon Winter).


Wall Street has always been a very demanding place to work and with recent work-related deaths, it seems that Wall Street must find a way to provide work-life balance to its employees.  NEW YORK CITY, NY (Catholic Online) - Thomas Hughes was a 29-year-old ... continue reading

7 ways to bring your family out of debt Watch

Image of


There are a lot of ways the improper handling of finances can jeopardize you and your family. The cost-of-living continues to get higher yet your income doesn't. How can you make ends meet? LOS ANGELES, CA (Catholic Online) - Fear not! You can regain control of your ... continue reading

3 easy ways to save money and pay off debt Watch

Image of


Work and play, earn and spend -It's the way the economy survives, but what about your survival? If you're having trouble saving money, don't have a dedicated savings account or just don't know how to stop spending, you may have a problem. LOS ANGELES, CA (Catholic ... continue reading

Is the stock market in trouble? Historical market turndowns following papal visits Watch

Image of Papal visits versus the stock market were reviewed.


As Pope Francis visits the United States, historical data of visits from his predecessors to the United States were linked to several market downturns in the US. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - Pope Francis made his historical visit to the United ... continue reading

All Business & Economics News


Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • St. James Intercisus: Saint of the Day for Friday, November 27, 2015
  • Prayer For Courage HD Video
  • Happy Thanksgiving Day: Give Thanks with a Grateful Heart
  • The Miracle Prayer HD Video
  • Daily Readings for Friday, November 27, 2015
  • UPDATE: Did the U.S. military actually know they were bombing the ...
  • Bet you've never seen a space rocket do THIS!

Daily Readings

Reading 1, Daniel 7:2-14
2 Daniel said, 'I have been seeing visions in the night. I saw that the ... Read More

Psalm, Daniel 3:75, 76, 77, 78, 79, 80, 81
75 Bless the Lord, mountains and hills, praise and glorify him for ... Read More

Gospel, Luke 21:29-33
29 And he told them a parable, 'Look at the fig tree and indeed every ... Read More

Saint of the Day

Saint of the Day for November 27th, 2015 Image

St. James Intercisus
November 27: James was a favorite of King Yezdigerd I of ... Read More