European Union antitrust regulators invited comments on Visa Europe Ltd.’s offer to cut “significantly” the fees it sets for processing cross-border credit-card payments in a bid to end an EU antitrust probe.
Wal-Mart Stores Inc. and Costco Wholesale Corp., among more than 500 merchants objecting to a $7.25 billion antitrust settlement with credit card firms over swipe fees, say the deal is meaningless as long as card companies can fix fees charged retailers on each transaction.
Target Corp. and Macy’s Inc. joined with 15 other retailers in suing Visa Inc. and MasterCard Inc. over credit-card and debit-card fees after dropping out of a multibillion-dollar settlement of a similar case.
Wal-Mart Stores Inc. and Starbucks Corp. are among 19 retailers opting out of a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over fees charged to merchants to process credit-card transactions.
Visa Europe Ltd. plans to “significantly” reduce the fees it sets for processing cross- border credit-card payments in a bid to allay European Union competition concerns, the bloc’s antitrust watchdog said.
Lawyers for plaintiffs in a Visa Inc. and MasterCard Inc. antitrust case over interchange fees asked for final approval of a settlement along with $720 million in legal fees and $27 million in expenses.