Wal-Mart (WMT) is suing Visa (V) for more than $5 billion over what it says were excessively high card swipe fees, the Wall Street Journal reports.
The world’s largest retailer is accusing the payment network of violating antitrust regulations by setting uncompetitive swipe fees — also known as Interchange fees — and for generating more than $350 billion for card issuers between Jan. 1, 2004 and Nov. 27, 2012.
“The anticompetitive conduct of Visa and the banks forced Wal-Mart to raise retail prices paid by its customers and/or reduce retail services provided to its customers as a means of offsetting some of the artificially inflated Interchange Fees,” the company said in court documents.
“As a result, Wal-Mart’s retail sales were below what they would have been otherwise.”
The lawsuit comes after the U.S. retailer that made $4.4 billion in profit for the last quarter, opted out of a $5.7 billion settlement with Visa and Mastercard (MA) in December.
Visa shares, which are currently trading at a multiple of nearly 21x next year’s estimated earnings, are down $2.22, or 1.03%, at $213.55 in pre-market trading Friday.