We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market, said Attorney General Merrick B. Garland. 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.
Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving, said Visa's general counsel Julie Rottenberg. She added the lawsuit is meritless and the company will defend itself vigorously.
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