Walmart suing Visa over fees

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BIRMINGHAM, Ala. (WIAT) — Retail giant Walmart is suing Visa and claims the credit card company is ripping them and other stores off.

Walmart claims Visa is conspiring with other banks like Mastercard to fix the prices of the fees they charge stores.

They say those fees add up to at least $5 billion, and they’re suing for three times that amount.

A settlement was reached for $7 billion in 2012, but Walmart and other stores rejected it.

2014 WIAT-TV CBS42

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