Justice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’

Published On Sep 24, 2024, 2:30 PM

The U.S. Department of Justice (DOJ) has filed a lawsuit against Visa, alleging that the company maintains an illegal monopoly over debit payments by implementing exclusionary agreements that hinder competition and hurt consumers. The DOJ claims that Visa's practices have led to billions in fees passed on to merchants and consumers, with Attorney General Merrick Garland stating that Visa's actions have inflated prices across a wide range of products and services.

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Visa's monopoly allegations may lead to regulatory scrutiny and legal challenges that could negatively impact its market position and earnings. Investors should be cautious as further developments may affect stock performance.

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