DOJ Files Antitrust Lawsuit Against Visa

Paul Pelosi, husband of former House Speaker Nancy Pelosi, sold between $500,000 and $1 million worth of Visa stock shortly before the Department of Justice (DOJ) filed an antitrust lawsuit against the company. The sale, which occurred on July 3, was disclosed in public records and has raised suspicions of insider trading due to Nancy Pelosi's influential position. Despite these concerns, a spokesperson for Nancy Pelosi stated that she does not own any stocks and had no prior knowledge of the transactions. Critics have long alleged that members of Congress and their spouses have an unfair advantage in stock trading due to access to non-public information. The DOJ's lawsuit accuses Visa of monopolizing the debit card market and penalizing customers, competitors, and merchants who use competing payment processors. Visa's stock subsequently dropped by 5.5% following the lawsuit announcement.