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Visa referred a request for comment to the Electronic Payments Coalition, which represents Visa, MasterCard and card issuers from most banks and credit unions in the country. That coalition said that Wal-Mart's statement is "at absolute odds with the class representative plaintiffs and the court appointed class counsel representing millions of merchants who were intimately involved in the extensive negotiations." "Walmart's individual self-interest is not always parallel with the interests of the millions of other U.S. merchants," the coalition said. The dispute between stores and banks dates back to 2005. That's when large retailers, including Kroger Co., Safeway Inc. and Walgreen Co. began filing price-fixing lawsuits against Visa, MasterCard and other banks. Credit card companies have long defended the fees they charge stores. They say stores benefit from being able to accept credit and debit cards from customers, who often spend more when they're using plastic instead of cash or checks. As part of the settlement, credit card companies have agreed to reduce swipe fees for eight months. The temporary reprieve on fees is valued at $1.2 billion. The settlement does not apply to debit cards, which have grown in popularity for small-value transactions.
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