In December 2013, a federal judge approved a $5.7 billion class action settlement between merchants and Visa and MasterCard over swipe and interchange fees. Wal-Mart, Amazon.com Inc. and Target Corp. were among the companies that opted out of the class action to pursue money damages on their own.
Last week, Wal-Mart sued Visa for $5 billion for charging excessively high swipe fees. Wal-Mart stated that Visa’s excessive fees forced it to increase retail prices, hurting both Wal-Mart’s sales and its customers. For more, click here