DOJ Files Antitrust Lawsuit Against Visa

The U.S. Department of Justice has filed a significant antitrust lawsuit against Visa, accusing the company of illegally monopolizing the debit card market. The complaint, filed in the Southern District of New York, alleges that Visa controls over 60% of U.S. debit transactions and collects more than $7 billion annually in processing fees. The DOJ claims Visa's practices, such as exclusionary agreements and punitive fees, stifle competition, keeping fees high and affecting consumer prices broadly. This lawsuit follows a multiyear investigation and is part of the Biden administration's broader push against monopolistic behaviors by large corporations. Visa has yet to comment on the lawsuit, which could have far-reaching implications for the debit card industry.