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US: Visa goes on counter-attack in interchange case

By  |  June 14, 2013
US: Visa goes on counter-attack in interchange case

Visa USA filed a lawsuit against retail conglomerate Wal-Mart last Wednesday, according to reports, in efforts to block the store from pursuing more damages from the credit card company following its $7.25 billion settlement offer, which was made along with MasterCard and several banks. Wal-Mart announced last month it would opt-out of that settlement offer, which was put on the table to end a case against the credit card companies’ interchange fees, which are charged at the register for each transaction. Wal-Mart planned to pursue its own suit against the interchange fees, say reports; now, Visa has launched its own case against Wal-Mart, accusing the retailer of excessive litigation. Dozens of stores have also publically denounced the settlement offer and stated they would opt out of it as well.

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