Wal-Mart sues Visa over card fees

Wal-Mart Stores Inc. (NYSE: WMT) and its shoppers paid $350 billion in credit card fees between 2004 and 2012, and they're not happy about it.

The Associated Press reports the world's largest retailer alleges Visa Inc. (NYSE: V) conspired with banks to illegally fix and inflate fees that retailers pay on card transactions. Retailers have long complained about the billions of dollars in "swipe" or "interchange" fees that they have had to pay, which average to about 2 percent of the price of a purchase.

In December, a $5.7 billion settlement was reached between Visa, MasterCard Inc. (NYSE: MA) and 19 retailers regarding the fees, but Wal-Mart was not involved.

AP reports the Bentonville, Ark.-based chain, along with Macy's, Target and the National Retail Federation trade group, opposed the settlement, saying it will do nothing to reduce swipe fees or keep them from rising in the future.

Read more from the Associated Press.