The department alleges the company “has unlawfully amassed the power to extract fees.”
The Department of Justice filed an antitrust suit against Visa for anti-competitive actions. The department claims the company has cost consumers and businesses billions. The complaint alleges that the company penalized retailers and financial institutions that do you use its proprietary processing network. With 60 percent of debit transactions running through its network, Visa earns $7 billion per year in fees incrementally from every transaction.
“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” stated Attorney General Merrick Garland. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”
As the Lord Leads, Pray with Us…
- For Attorney General Garland and DOJ officials as they seek to protect American consumers from monopolistic corporate activity.
- For the president, vice president, and administration officials as they endeavor to reduce the junk and hidden fees in the U.S. marketplace.
Sources: AP News, NBC News
