The U.S. Justice Department (DOJ) has filed a lawsuit against Visa, alleging that the company has maintained an illegal monopoly over the U.S. debit card market. The DOJ claims Visa's dominance allows it to charge excessive fees and stifle competition.
The Justice Department on Tuesday filed a lawsuit against Visa , alleging that the company maintained an illegal monopoly over the U.S. debit card market. According to the DOJ's complaint, more than 60% of debit card transactions in the U.S. run on Visa 's debit network, which allows the company to charge over $7 billion in fees each year for processing those transactions. It also accuses Visa of illegally maintaining its monopoly power by insulating itself from competition.
" The DOJ also noted that Visa uses its scale to leverage both merchants and consumers to build what it refers to as an "enormous moat" around its business. Visa pushed back on the allegations, with Visa General Counsel Julie Rotenberg telling FOX Business in a statement: "Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services.
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