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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
07/03/201508:40:02Will Target Corporation Sell Its Grocery Business Next?
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06/25/201511:12:38Target Parts Ways With Chief Merchant Tesija --2nd Update
06/25/201510:22:52Target's Chief Merchandising Officer to Exit--Update
06/25/201510:20:02Target's Chief Merchandising Officer to Exit
06/25/201510:12:01Target's Chief Merchandising and Supply-Chain Officer to Exit
06/25/201509:01:50Current Report Filing (8-k)
06/24/201517:00:032 Stocks to Watch in Retail
06/20/201513:04:02Why CVS Is Not the Big Winner in Its $1.9 Billion Deal with Target
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06/18/201509:00:02Stability Will Be Key for New J.C. Penney CEO Marvin Ellison
06/17/201516:19:37Securities Registration: Employee Benefit Plan (s-8)
06/17/201516:01:16Annual Report of Employee Stock Plans (11-k)
06/17/201514:00:09What Investors Should Know About Target Corporation's Partnership...
06/17/201513:22:02Is Costco's Dividend Sustainable?
06/17/201508:50:07Target Offers Up $5 Billion in Buybacks and a Dividend Increase:...
06/16/201515:16:45CVS Health Corp. and Target Corporation Cut a Blockbuster Deal
06/15/201509:20:00CVS to Buy Target's Pharmacy Business for $1.9 Billion -- 2nd...
06/15/201508:20:08CVS to Buy Target Pharmacy Business

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