The complaint filed Tuesday says Visa penalizes merchants and banks who don't use Visa's own payment processing technology to process debit transactions, even though alternatives exist.
The Federal Reserve cut its benchmark interest rate a half of a percentage point on Wednesday in a landmark decision that dials back its years-long fight against inflation and delivers relief for borrowers saddled with high costs., alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.
The Biden administration has aggressively gone after U.S. companies that it says act like middlemen, such as Ticketmaster parent Live Nation and the real estate software company RealPage, accusing them of burdening Americans with nonsensical fees and anticompetitive behavior. The administration has also brought charges of monopolistic behavior against technology giants such as Apple and Google.
The DOJ said Visa also stifled competition by paying to enter into partnership agreements with potential competitors. Visa previously disclosed the Justice Department was investigating the company in 2021, saying in a regulatory filing it was cooperating with a DOJ investigation into its debit practices.
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Justice Department Sues Visa Over Alleged Debit Network MonopolyThe US Justice Department has filed an antitrust lawsuit against Visa, alleging that the company illegally monopolized the debit network market. The lawsuit claims Visa uses a system of incentives and penalties to stifle competition and maintain its dominant position, charging billions in processing fees annually.
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Justice Department Sues Visa Over Alleged Debit Card MonopolyThe U.S. Justice Department (DOJ) has filed a lawsuit against Visa, alleging that the company has maintained an illegal monopoly over the U.S. debit card market. The DOJ claims Visa's dominance allows it to charge excessive fees and stifle competition.
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Department of Justice sues Visa, saying the card issuer monopolizes debit card marketsThe complaint filed Tuesday says Visa penalizes merchants and banks who don't use Visa's own payment processing technology to process debit transactions, even though alternatives exist.
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Department of Justice sues Visa, alleges the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »
Department of Justice sues Visa, alleges the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »
Department of Justice sues Visa, saying the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »