Walmart, Visa Strike Deal on $7.25B Swipe Settlement

Dueling lawsuits stemmed from the failed $7.25 billion antitrust settlement in the interchange fee litigation.

November 06, 2017

LOS ANGELES – Law360 reported last week that Walmart and Visa “have struck an accord in multidistrict antitrust litigation over card-swiping fees, according to a pair of stipulations filed in New York federal court.”

The news source notes that Visa and Walmart each lodged a filing saying they’ve settled their claims against one another in dueling lawsuits that came up after Walmart rejected the $7.25 billion antitrust settlement in the interchange fee litigation and struck a separate agreement with Visa.

The interchange “swipe” fee settlement reached in 2012, attempted to resolve claims that Visa and MasterCard had maintained a series of network rules that enabled the companies to charge merchants higher transaction fees than the retailers would have tolerated in a competitive market, according to Law360. The U.S. Second Circuit Court of Appeals struck down that settlement because retailers had been inadequately represented in agreeing to the deal.

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