The credit card giant is accused of violating the Sherman Antitrust Act.
The Justice Department sued Visa for allegedly stifling competition in the market for debit card payments.
A complaint filed in the Southern District of New York on Sept. 24 alleged that the credit card giant violated Sections 1 and 2 of the Sherman Antitrust Act.
“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” said Attorney General Merrick Garland in a statement. “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.”
The complaint stated that “more than 60% of debit transactions run on Visa’s debit network, allowing it to charge $7 billion in fees each year.”
The Associated Press contributed to this report.
This is a breaking news story and will be updated.
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