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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 Subscribe to WSJ:

Stock News for Target (TGT)
09/03/201511:07:05Statement of Changes in Beneficial Ownership (4)
09/03/201510:55:33Initial Statement of Beneficial Ownership (3)
08/27/201514:10:00Dollar General Profit Rises on Higher Sales
08/27/201514:09:00Dollar General Profit Rises on Higher Sales
08/27/201508:10:00Dollar General Earnings Edge Above Expectations
08/27/201507:52:00Dollar General Earnings Edge Above Expectations, But Sales Miss
08/25/201515:45:08Quarterly Report (10-q)
08/24/201516:42:00Target Pays $2.8 Million to Resolve Discrimination Charge...
08/24/201514:20:00Target Pays to Resolve Discrimination Charge
08/24/201514:01:00Target Pays $2.8 Million to Resolve Discrimination Charge
08/19/201513:28:00Target Lifts Earnings Outlook -- 3rd Update
08/19/201511:56:00Target Lifts Earnings Outlook -- 2nd Update
08/19/201509:10:00U.S. Stock Futures Fall
08/19/201509:01:00Target Lifts Earnings Outlook -- Update
08/19/201508:40:00Target Lifts Earnings Outlook
08/19/201508:31:00Target Lifts Outlook
08/19/201508:03:55Current Report Filing (8-k)
08/19/201508:00:00Target Reports Second Quarter 2015 Earnings
08/18/201513:40:00Target Reaches Settlement With Visa Over 2013 Data Breach
08/18/201508:00:00Target Corporation to Webcast 2nd Quarter Earnings Conference...

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