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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
11/28/201415:22:05Correction to Wal-Mart, Target Thanksgiving Day Traffic Updates
11/28/201414:22:52Wal-Mart, Target Report Strong Thanksgiving Day Traffic--3rd...
11/28/201413:10:47Wal-Mart, Target Report Strong Thanksgiving Day Traffic--2nd...
11/28/201412:09:37Correction to Wal-Mart Thanksgiving Sales Article
11/28/201411:01:22Wal-Mart and Target Report Strong Thanksgiving Sales -- Update
11/28/201410:42:56Wal-Mart and Target Report Strong Sales
11/28/201409:45:54Wal-Mart and Target Report Strong Thanksgiving Sales
11/20/201412:27:26Best Buy Sales Bounce Back Ahead of Holidays -- 2nd Update
11/20/201409:29:25Graco Recalls 4.9 Million Strollers In North America --CPSC
11/19/201416:57:39MARKET SNAPSHOT: S&P 500 Snaps 4-day Run
11/19/201414:57:32MARKET SNAPSHOT: U.S. Stocks Drift Lower After Fed Minutes
11/19/201413:43:15MARKET SNAPSHOT: U.S. Stocks Edge Lower Ahead Of Fed Minutes
11/19/201411:18:10Target Posts Surprise Profit Increase--2nd Update
11/19/201408:45:18Target Posts Surprise Profit Increase--Update
11/19/201408:33:04Target Posts Surprise Profit
11/19/201407:35:55Staples Sales Fall As Store Closures Accelerate Update
11/19/201406:53:50MARKET SNAPSHOT: U.S. Stocks: Futures Flat As Investors Wait...
11/18/201413:52:30Target Sales Expected Flat-Higher in 3Q -- Earnings Preview
11/17/201406:28:22MARKET SNAPSHOT: Retailers Close Out Earnings Season
11/16/201415:59:19Target Finishes Licking Its Wounds

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