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Published: Wednesday, 7/25/2012

Wal-Mart urges rejection of card-fee settlement


BENTONVILLE, Ark. -- Wal-Mart Stores Inc. urged retailers to reject a proposed $6 billion settlement that Visa Inc., MasterCard Inc., and major banks have agreed to pay retailers for alleged fee fixing.

The settlement, reached this month, had been considered a victory for retailers.

Under the settlement, stores will be allowed to charge customers more if they pay with a credit card. But the world's largest retailer said Tuesday that the settlement doesn't restrict credit card issuers from continually raising fees merchants must pay when shoppers use their cards.

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