Official Visa press release or major financial news outlets like CNBC or Reuters

DOJ Files Antitrust Lawsuit Against Visa for Debit Card Monopoly, Stock Falls 5%

Sep 24, 2024, 06:31 PM

The U.S. Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, alleging that the company has illegally monopolized the U.S. debit card market. The DOJ claims that Visa used exclusionary agreements and payments to potential competitors to suppress competition, thereby maintaining its dominance in the market. The lawsuit also alleges that Visa's practices, including exclusive agreements, have driven up costs for businesses and consumers. Visa's stock has fallen by 5% following the news. This marks the Biden administration’s first major antitrust case in the financial services industry. The lawsuit follows a multi-year investigation. Notably, Nancy Pelosi sold a significant amount of Visa stock prior to the lawsuit.