Wal-Mart sues Visa for $5 billion over card swipe fees - News and Current Events | futures io social day trading
futures io futures trading


Wal-Mart sues Visa for $5 billion over card swipe fees
Updated: Views / Replies:232 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Wal-Mart sues Visa for $5 billion over card swipe fees

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Wal-Mart sues Visa for $5 billion over card swipe fees

Wal-Mart Stores Inc this week sued Visa Inc for $5 billion, accusing the credit and debit card network of excessively high card swipe fees, several months after the retailer opted out of a class action settlement between merchants and Visa and MasterCard Inc.

Visa declined to comment on the suit, filed Tuesday in the U.S. District Court for the Western District of Arkansas, where Wal-Mart is headquartered.

Visa and other card networks charge retailers fees, called swipe fees or interchange fees, each time a shopper uses a debit or credit card to pay.

In December, a federal judge in Brooklyn, N.Y., approved a $5.7 billion class action settlement between merchants and Visa and MasterCard despite the objections of thousands of retailers that complained it was inadequate.

Wal-Mart, Amazon.com Inc, and Target Corp were among those opting out of the monetary components of the settlement to have the freedom to seek damages on their own.

Those businesses complained about a broad litigation release in the settlement. The release forces all merchants who accepted Visa or MasterCard, and those who will in the future, to give up their right to sue the credit card companies over rules at issue in the case or similar ones they may make in the future.

Wal-Mart, the world's largest retailer, is seeking damages from price fixing and other antitrust violations that it claims took place between January 1, 2004 and November 27, 2012.

In its lawsuit, Wal-Mart contends that Visa, in concert with banks, sought to prevent retailers from protecting themselves against those swipe fees, eventually hurting sales.

"The anticompetitive conduct of Visa and the banks forced Wal-Mart to raise retail prices paid by its customers and/or reduce retail services provided to its customers as a means of offsetting some of the artificially inflated interchange fees," Wal-Mart in court documents.

"As a result, Wal-Mart's retail sales were below what they would have been otherwise."

When asked whether Wal-Mart would file a suit against Mastercard, a spokesman for the retailer said the company would not discuss its litigation plans publicly.

Wal-Mart contends that that the way Visa set swipe fees violated antitrust regulations and generated more than $350 billion for card issuers over the nearly 9-year period in question, in part at the expense of the retailer and customers.

http://finance.yahoo.com/news/wal-mart-sues-visa-5-224006200.html?l=1

Reply With Quote

Reply



futures io > > > > Wal-Mart sues Visa for $5 billion over card swipe fees

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
In Wal-Mart Probe, a ‘Black Box’ of Possible Fines Quick Summary News and Current Events 0 April 26th, 2012 07:30 AM
Wal-Mart acknowledged that it is investigating its op GridKing News and Current Events 0 April 21st, 2012 08:26 PM
WMT Wal-Mart Big Mike Stocks and ETFs Trading 3 April 10th, 2012 12:19 PM
Wal-Mart Profit Below Wall Street Views, But Sales Better Quick Summary News and Current Events 0 November 15th, 2011 08:50 AM
Wal Mart Profit Rises on Cost Cutting Quick Summary News and Current Events 1 August 19th, 2010 01:25 AM


All times are GMT -4. The time now is 06:25 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.08 seconds with 19 queries on phoenix via your IP 54.82.81.154