Source: BBC News [UK State Media]
“The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market. It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market. The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses. Visa said the claims were ‘meritless’ and it would defend itself in court. Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ‘secure and reliable network.’ ‘Today’s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,’ she said. ‘This lawsuit is meritless, and we will defend ourselves vigorously.'” (09/24/24)