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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
03/23/201716:44:00Jessica Alba's Startup Pulls Bottles of Dish Soap That Were Underfilled
03/20/201717:21:00Target Reveals Design Elements of Next Generation of Stores
03/20/201714:02:00Target Names Jeff Burt Senior Vice President, Grocery, Fresh...
03/20/201706:00:00Target Announces First Midtown Manhattan Store at Empire State...
03/09/201708:00:00Target Corporation Declares Regular Quarterly Dividend
03/08/201716:25:17Annual Report (10-k)
03/07/201714:51:48Statement of Changes in Beneficial Ownership (4)
03/03/201718:18:04Statement of Changes in Beneficial Ownership (4)
03/03/201718:18:04Statement of Changes in Beneficial Ownership (4)
03/03/201703:02:00Bookseller Blames Online Shopping -- WSJ
03/02/201716:46:35Statement of Changes in Beneficial Ownership (4)
03/02/201716:46:08Statement of Changes in Beneficial Ownership (4)
03/01/201706:58:00Today's Top Supply Chain and Logistics News From WSJ
03/01/201703:02:00Target Gets a Lesson That Low Prices Matter -- WSJ
02/28/201714:58:00Target Slashes 2017 Outlook as Holiday-Quarter Sales Fall...
02/28/201712:47:00Target Slashes 2017 Outlook as Holiday-Quarter Sales Fall...
02/28/201709:01:00Target Slashes 2017 Outlook as Holiday-Quarter Sales Fall...
02/28/201707:47:00Target Offers Downbeat 2017 Outlook as Sales Fall
02/28/201706:33:56Current Report Filing (8-k)
02/28/201706:30:00Target Reports Fourth Quarter and Full-Year 2016 Earnings

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