DOJ Sues Visa Over Alleged Illegal Monopoly on Debit Transactions

Published on September 24, 2024

The Justice Department sued Visa for allegedly stifling competition in the market for debit card payments. A complaint filed in the Southern District of New York on Sept. 24 alleged that the credit card giant violated Sections 1 and 2 of the Sherman Antitrust Act. “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” Attorney General Merrick Garland said in a statement. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”...

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