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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
07/26/201606:50:00National Retail Federation Raises Annual Sales Forecast
07/25/201617:28:17Current Report Filing (8-k)
07/20/201616:53:00Target Hires Supply Chain Executive From Apple
07/18/201616:08:00Amended Statement of Changes in Beneficial Ownership (4/a)
07/18/201608:11:00Kids Keep Running the Show as Target Helps Families Gear Up for...
07/15/201622:07:00TARGET 72 HOUR DEADLINE ALERT: APPROXIMATELY 72 HOURS REMAIN;...
07/15/201614:44:00The Law Offices of Howard G. Smith Announces the Filing of a...
07/14/201609:11:36Current Report Filing (8-k)
07/14/201609:00:00Target Names Don Liu as Executive Vice President, Chief Legal...
07/13/201610:30:00Glancy Prongay & Murray Announces the Filing of a Securities...
07/12/201622:09:00SHAREHOLDER NOTICE: Goldberg Law PC Announces Securities Class...
07/12/201611:24:00Correction to Mall Owners Article
07/12/201610:12:16INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of...
07/12/201608:30:00CEO Dimon: J.P. Morgan to Raise Pay for Employees
07/11/201610:00:00Staples Taps New President of North American Retail Operations
07/11/201603:03:00Malls Push Out Department Stores -- WSJ
07/11/201603:03:00CIOs Gain Stature in Digital Era -- WSJ
07/10/201622:35:00Mall Owners Push Out Department Stores
07/10/201608:00:00SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses...
07/10/201605:59:00Status of Corporate Information Chiefs on the Rise

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