Wal-Mart launches Visa lawsuit

<p>Wal-Mart has launched legal action against card payments firm Visa.</p>

Wal-Mart has confirmed it is suing card payments company Visa for $5 billion (£3 billion).

The supermarket giant – which owns UK company Asda – is alleging that Visa teamed up with large banks in order to fix the price of transaction fees it charged to Wal-Mart.

Visa previously sued Wal-Mart last summer in a bid to prevent the firm from filing a lawsuit, while Wal-Mart opted out of a $5.7 billion settlement with Visa and Mastercard in December.

Target was among the other US retailers that were unhappy with the deal the credit card companies had put on the table, reports BBC News.

Wal-Mart is claiming Visa worked with large banks "to illegally fix the interchange fees and inflate the network fees that Wal-Mart and other merchants pay on Visa charge card transactions".

Visa is yet to release any comment in the wake of the lawsuit against it being filed by Wal-Mart.

Shares in Wal-Mart fell by 0.12 per cent in the US yesterday (March 27th) after the news broke.

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