Wal-Mart ‘Disappointed,’ Opposes Credit Card Fee Settlement

July 24 (Bloomberg) -- Wal-Mart Stores Inc., the world’s largest retailer, said it is “disappointed” in a proposed credit card interchange fee settlement.

The settlement won’t stop credit card networks from increasing hidden swipe fees, the Bentonville, Arkansas-based retailer said today in a statement.

This month, Visa Inc., MasterCard Inc. and some of the biggest U.S. banks agreed to a settlement of at least $6.05 billion with retailers in a price-fixing case over credit card swipe fees, according to a court filing.

Wal-Mart urged other retailers to reject the settlement, the company said in a statement. Wal-Mart also said it’s pushing for more transparency in fees to encourage competition among financial institutions.

“The proposed settlement 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 said in a statement.

To contact the reporter on this story: David Welch in Detroit at dwelch12@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net