NEW YORK — Walmart Stores Inc. is suing Visa Inc. over fees that it charges the world’s largest retailer when customers use a credit or debit card.
Walmart said Visa conspired with banks to illegally fix and inflate fees that retailers pay on card transactions, and that the fees cost U.S. retailers and shoppers more than $350 billion between 2004 and November 2012.
Walmart’s complaint was filed Tuesday with the U.S. District Court for the Western District of Arkansas.
Visa declined to comment.
Retailers have long complained about the billions of dollars in fees they pay, which average to about 2 percent of the price of a purchase.