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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
08/30/201614:20:00Uber Hires Target Executive as President
08/30/201612:46:20Current Report Filing (8-k)
08/30/201607:01:00Today's Top Supply Chain and Logistics News From WSJ
08/29/201616:42:00At Ports, a Sign of Altered Supply Chains
08/26/201608:08:00On BizWireTV: Big Name Brands Join Louisiana Relief Effort and...
08/26/201603:03:00Cotton Supplier Faced Wal-Mart Scrutiny Before -- WSJ
08/25/201617:58:00Unclear How Investigation Turned Out; No Comment from Wal-Mart
08/25/201608:50:00Indian Firm Admits 'Error' After Target Cuts Ties Over Cotton...
08/24/201617:10:00More U.S. Retailers Probe Indian Supplier of 'Egyptian Cotton'
08/24/201617:03:00More U.S. Retailers Probe Indian Supplier of 'Egyptian Cotton'
08/24/201614:40:00Bed Bath & Beyond to Audit Egyptian Cotton Supplier
08/24/201611:48:33Quarterly Report (10-q)
08/24/201608:30:00Express Cuts Guidance as Sales Declines
08/23/201617:26:28Statement of Changes in Beneficial Ownership (4)
08/23/201617:23:28Initial Statement of Beneficial Ownership (3)
08/23/201604:30:00Wal-Mart Probes Whether India Company Misrepresented Cotton Sheets
08/23/201603:03:00Business Watch -- WSJ
08/22/201609:11:00Target Cuts Ties With India Textile Company -- Update
08/22/201609:10:00Target Cuts Ties With India Textile Company
08/22/201608:53:00Target Cuts Ties With India Textile Company

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