Home Stocks US DOJ to sue Visa over debit card market monopoly, Bloomberg Information experiences By Reuters

US DOJ to sue Visa over debit card market monopoly, Bloomberg Information experiences By Reuters

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US DOJ to sue Visa over debit card market monopoly, Bloomberg Information experiences By Reuters

(Reuters) -The U.S. Division of Justice plans to file a lawsuit towards Visa (NYSE:), the world’s largest funds community operator, alleging that the corporate illegally monopolized the nation’s debit card market, Bloomberg Information reported on Monday.

The antitrust division is about to sue Visa in federal court docket as early as Tuesday, accusing it of varied anticompetitive behaviors, the report mentioned, citing unnamed sources.

The Justice Division is making ready to accuse Visa of taking measures to forestall rivals from difficult its dominance within the debit card market, in keeping with the report.

Visa and the DOJ didn’t instantly reply to Reuters’ requests for remark.

In 2023, the DOJ’s antitrust division issued an investigative demand to Visa, looking for paperwork and details about its debit card practices within the U.S. and competitors with different cost networks.

The probe, initiated in 2021, investigated whether or not Visa makes use of anticompetitive practices within the debit card market. The cost processor, at the moment, mentioned that it believed its debit practices complied with relevant legal guidelines.

© Reuters. FILE PHOTO: Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. REUTERS/Benoit Tessier/File Photo

This transfer follows Uncover Monetary Providers (NYSE:)’ unit, Pulse Community, settling a lawsuit in Texas earlier this 12 months, which accused Visa of obstructing competitors within the multibillion-dollar debit card community companies market, inflicting retailers to pay larger charges.

Visa’s rival Mastercard (NYSE:) has beforehand confronted comparable antitrust investigations relating to its U.S. debit program and competitors with different cost networks.