"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. "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."
Prosecutors said Visa handles more than 60% of US debit transactions, earning the company more than $7 billion in fees a year. Visa's use of 'generous monetary incentives and threatening punitive additional fees' enable the company to maintain an illegal monopoly in the debit card processing market.
The suit follows a yearslong investigation that occurred after Visa's attempt to acquire fintech company Plaid was blocked by the DOJ in 2020. This investigation has led to significant scrutiny of Visa's business practices.
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