The Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, alleging that the financial firm holds a monopoly over debit network markets, allowing it to charge exorbitant fees that ultimately impact consumers and stifle competition from companies like PayPal and Square. Bloomberg first reported the DOJ’s plans to file this suit following a multiyear investigation into Visa’s business practices, which included Visa’s failed attempt to acquire fintech startup Plaid with a $5.3 billion bid. Despite dropping the bid to avoid legal complications, the DOJ continued investigating Visa’s practices, ultimately accusing the company of establishing exclusionary agreements with banks and businesses to strengthen its market dominance. Attorney General Merrick Garland stated that Visa’s actions have led to increased costs for consumers, affecting the price of nearly everything. Visa’s General Counsel Julie Rottenberg responded by calling the lawsuit “meritless” and asserting their commitment to defending themselves in court, highlighting Visa’s role in providing a secure and reliable network for businesses and consumers.
