Dueling lawsuits stemmed from the failed $7.25 billion antitrust settlement in the interchange fee litigation
By NACS Online
Law360 reported 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.