Christie Smythe
Bloomberg|bloomberg.com

Amazon.com Inc. (AMZN) and 7-Eleven Inc. sued Visa Inc. (V) and MasterCard Inc. (MA) over card fees after rejecting a multibillion-dollar settlement in an antitrust case.

The retailers and about 30 others filed a lawsuit in federal court in Manhattan against the card companies and several major banks. The companies are among more than 7,000 that have dropped out of the $7.25 billion accord over the fees, which are borne by merchants when customers use credit cards.

“Once Visa and MasterCard acquired substantial market power over merchants, they maintained it by forcing merchants to pay even higher interchange fees to continue to fund these price-fixing schemes,” the retailers said in the complaint filed today. read more »

 

Visa Inc. sued Wal-Mart Stores Inc. in a bid to stop the world’s largest retailer from bringing price-fixing claims over merchant swipe fees.

Wal-Mart is among more than 7,000 retailers that dropped out of a multibillion-dollar settlement with Visa and MasterCard over the fees, which are charged to merchants when consumers pay with credit cards. In a complaint made public June 14 in a New York federal court, Visa said it wants to prevent “the continuation of endless, wasteful litigation between the parties.”

“Put simply, Visa seeks finality in its dispute with Wal-Mart,” the Foster City, Calif.-based credit card firm said in the complaint. read more »

 
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