The DOJ's lawsuit against Visa claims the company holds a monopoly over the debit market, charging high fees that ultimately hurt consumers and stifle competition.
Attorney General Merrick Garland stated that Visa's agreements with banks strengthen its market dominance and lead to inflated fees that impact consumer prices across the board.
Visa's General Counsel argues that the lawsuit is unfounded, emphasizing that Visa is a competitor in a growing debit market with thriving new entrants.
The DOJ's investigation into Visa began in 2020, prompted by concerns over the company’s attempt to acquire Plaid, which was seen as a threat to Visa’s dominance.
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