BOSTON — Confirming reports circulating last week in the financial services industry, Wal-Mart said Wednesday it will no longer take signature-based transactions on MasterCard debit cards, effective Feb. 1. The decision comes after Visa and MasterCard settled a $3 billion class action lawsuit over processing fees in April.

The suit, brought by Wal-Mart, Sears and other major retailers, successfully argued that credit card associations’ “honor all cards” rules unfairly burdened them with processing costs.

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