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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
04/02/201414:55:18U.S. Regulators Warn of Pattern in ATM Hacks
04/01/201416:26:31Banks Drop Data-Breach Suit Against Target, Trustwave
03/31/201409:18:21U.S. Hot Stocks: Hot Stocks to Watch
03/28/201418:55:16Sally Beauty Says More Credit Card Records May Have Been Stolen
03/27/201417:59:15Wal-Mart Suit, Filed This Week, Seeks $5 Billion From Visa
03/25/201419:36:06Target Re-examining Missed Warnings by Data Security Team
03/22/201419:38:50California DMV Investigating Potential Credit Card Breach
03/20/201408:18:23Li & Fung Profit Rises on U.S. Business Turnaround
03/17/201407:18:54Sally Beauty Believes Customer Data May Have Been Stolen
03/13/201418:20:39Target Didn't Follow Up After Security System Tripped
03/13/201418:09:27Target Didn't Follow Up After Hackers Tripped Its Security System
03/07/201411:40:14MasterCard, Visa Forming Group to Focus on Payment Security
03/07/201411:30:11MasterCard and Visa Forming Group to Focus on Payment Security
03/05/201412:53:04Sally Beauty Discloses Attempted Data Breach
02/28/201417:41:10Sears 'Actively Reviewing' Systems, No Information Yet Indicating...
02/26/201419:07:10Target Profit Declines on Data Breach Fallout -- 2nd Update
02/26/201417:00:18MARKET SNAPSHOT: U.S. Stocks Eke Out Modest Gains
02/26/201415:13:36MARKET SNAPSHOT: U.S. Stocks Pare Gains In Late Trade
02/26/201411:39:13MARKET SNAPSHOT: Stocks Rally After Homes Data; S&P Flirts With...
02/26/201410:34:35MARKET SNAPSHOT: Stocks Up After Homes Data; S&P Flirts With...

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