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Wal-Mart Opposes Planned Settlement With Credit-Card Giants

By Tess Stynes Wal-Mart Stores Inc. (WMT) became the latest major retailer to speak out against a planned multi-billion interchange-fee settlement between Visa Inc. (V) and MasterCard Inc. (MA) and companies that accept electronic payments. The roughly $7 billion settlement stems from long running litigation taking aim at the fees on each card swipe as well as rules Visa and MasterCard require merchants to abide by to accept their cards. On Tuesday, the world's biggest retailer said the proposed deal "would not structurally change the broken market or prohibit credit-card networks from continually increasing hidden swipe fees, which already cost consumers tens of billions of dollars each year." Wal-Mart's comments mirror remarks last week from Target Corp. (TGT), the second largest retailer by sales in the U.S. behind Wal-Mart. Visa and MasterCard credit cards accounted for 68% of credit-card spending at U.S. merchants in 2011, according to the Nilson Report, a payments-industry newsletter. Write to Tess Stynes at Tess.Stynes@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Target (TGT)
DateTimeHeadline
12/02/201615:53:31Statement of Changes in Beneficial Ownership (4)
12/02/201615:50:01Statement of Changes in Beneficial Ownership (4)
12/02/201608:08:00On BizWireTV: Watch as Your Favorite Video Games Come to Life...
11/26/201603:02:00Retailers Battle To Win Shoppers -- WSJ
11/25/201615:04:00U.S. Retailers Vie for Black Friday Dollars -- 5th Update
11/25/201612:51:00U.S. Retailers Vie for Black Friday Dollars -- 4th Update
11/25/201610:54:00U.S. Retailers Vie for Black Friday Dollars -- 3rd Update
11/25/201609:09:00U.S. Retailers Vie for Black Friday Dollars -- 2nd Update
11/25/201608:30:00U.S. Retailers Vie for Black Friday Dollars -- Update
11/25/201607:00:00Retailers Vie for Black Friday Dollars
11/25/201606:29:00Retailers Vie for Black Friday Dollars
11/25/201606:00:00Target Reports Strong Start to Black Friday in Stores and Record-Breaking...
11/24/201609:29:00House GOP Business-Tax Plan Upends U.S. Policy, Bares Corporate...
11/23/201608:53:00Target Announces Two-Day Cyber-Stores Spectacular: 15 Percent...
11/23/201607:58:53Quarterly Report (10-q)
11/22/201613:00:00Correction to Holiday Shopping Article
11/22/201612:01:00Stars of Rogue One along with Talent across Music, Film, Fashion...
11/21/201615:37:51Statement of Changes in Beneficial Ownership (4)
11/18/201603:02:00Strong Web Sales Power Best Buy -- WSJ
11/18/201603:02:00Wal-Mart Spends Heavily to Catch Up To Rival Amazon -- WSJ

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