Wal-Mart Stores Inc. is suing Visa for $5 billion over what it says were unreasonably high fees, The Wall Street Journal's Shelly Banjo reports.
The retail giant is accusing the credit-card behemoth of violating antitrust statutes by setting uncompetitive swipe fees.
"The anticompetitive conduct of Visa and the banks forced Wal-Mart to raise retail prices paid by its customers and/or reduce retail services provided to its customers as a means of offsetting some of the artificially inflated Interchange Fees," the company said. "As a result, Wal-Mart's retail sales were below what they would have been otherwise."
Visa shares are down 0.73% after hours.
Click here to read the full story at WSJ.com »
NOW WATCH: 9 Incredible Facts About Retail Giant Wal-Mart