In a battle of retailing titans, Wal-Mart Stores is suing Visa, accusing the credit card company of conspiring with banks to fix prices on the processing fees retailers are charged.
Wal-Mart (, the world's largest retailer, says Visa's price fixing cost it at least $5 billion in damages. And since the case is a federal antitrust case, it is seeking damages three times that amount or $15 billion. )
Visa (, )MasterCard ( and major banks reached a tentative settlement with many retailers in July 2012; the card companies )agreed to pay up to $7.25 billion and lower the fees they charge stores. That settlement was approved by a federal judge last December.
Some major retailers, including Wal-Mart, Target ( and )Amazon (, opted-out of the settlement. )
Wal-Mart's suit, filed in federal court in its home state of Arkansas Thursday, is the next step in the court battle that has dragged on for more than eight years.
A Visa spokesman said the company had no comment on the suit.