Walmart Inc WMT:NYSE

Last Price$132.92Cboe Real-Time Last Sale as of 2:25PM ET 8/15/22
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Today's Change+0.70(0.53%)
Bid (Size)$132.91 (107)
Ask (Size)$132.95 (2)
Day Low / High$131.52 - 133.57
Volume5.0 M

Walmart Blasts FTC for Overreach in Money-Transfer Fraud Suit

5:38PM ET 6/28/2022 MT Newswires
Walmart (WMT) struck back at the Federal Trade Commission on Tuesday after the regulator sued the retailer for allegedly allowing fraudsters to cheat customers out of "hundreds of millions of dollars" through its money-transfer services.

In a statement, Walmart accused the FTC of an "unprecedented" expansion of its authority and said the agency is blaming it for fraudulent activity that the FTC "already attributed to another company [that] was under the federal government's direct supervision."

The agency alleges Walmart "looked the other way" while it "pocketed millions" in money-transfer fees. The suit asks the federal court to force the company to return that money to consumers, in addition to seeking unspecified civil penalties. Walmart contends that it has "robust' anti-fraud safeguards in place.

The Commission voted 3-to-2 on Tuesday to file the civil penalty complaint with the US District Court for the Northern District of Illinois.

Price: 122.5, Change: +0.13, Percent Change: +0.11