Wal-Mart opposes proposed card fee settlement

07/29/2012 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Bentonville, Ark – Wal-Mart Stores Inc. is reportedly opposing a card fee settlement proposal agreed upon by credit card issuers amid price fixing allegations. As reported by the Associated Press (AP), the retail giant has urged retailers to not accept a $6 billion settlement offer made by major credit card issuers and banks who have been accused in a lawsuit of conspiring to fix merchant fees for the acceptance of credit cards.

The proposed settlement will reportedly allow stores to charge customers more for credit card use.

Wal-Mart is quoted by the AP as saying of the matter in a statement, “As Walmart continues to seek reform that will provide transparency and true competition among financial institutions, we encourage all merchants to put consumers first and reject the settlement.”

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