Beginning Next Week: InsideCounsel will become part of Corporate Counsel. Bringing these two industry-leading websites together will now give you comprehensive coverage of the full spectrum of issues affecting today's General Counsel at companies of all sizes. You will continue to receive expert analysis on key issues including corporate litigation, labor developments, tech initiatives and intellectual property, as well as Women, Influence & Power in Law (WIPL) professional development content. Plus we'll be serving all ALM legal publications from one interconnected platform, powered by, giving you easy access to additional relevant content from other InsideCounsel sister publications.

To prevent a disruption in service, you will be automatically redirected to the new site next week. Thank you for being a valued InsideCounsel reader!


More On

Wal-Mart disapproves of $7.25 billion credit card fee settlement

This opposition may keep Visa and Mastercard’s historic settlement from being approved

The largest antitrust settlement in history is not good enough for Wal-Mart. Last week, Visa and Mastercard agreed to pay $7.25 billion to settle allegations that they fixed credit and debit card fees. But Wal-Mart announced on Tuesday that it opposes the settlement, in large part because it allows the credit card companies to raise the fees in the future.

In its statement, Wal-Mart said the 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.” The swipe fees it refers to are deducted from each credit or debit card transaction by banks, and can cost retailers 2 percent or more per purchase. The retail giant also objected to the release from future antitrust litigation that would be awarded to Visa and Mastercard.

Wal-Mart’s objection (along with that of Target and the National Association of Convenience Stores) puts the settlement in real danger of not being approved by the federal judge, according to Forbes. This is especially distressing news for K. Craig Wildfang of Robins, Kaplan, Miller & Ciresi, who negotiated the deal. If it’s approved, Wildfang could rake in hundreds of millions of dollars in fees.

“We encourage all merchants to put consumers first and reject the settlement,” Wal-Mart said.


Read more InsideCounsel coverage of the case:

Visa, MasterCard and banks agree to $7.25 billion settlement over credit card price fixing allegations

Merchants say card companies’ liable for more than $10 billion in damages

Join the Conversation

Advertisement. Closing in 15 seconds.