Justice Department Sues Visa for Monopolizing Debit Markets

“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market. 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.”

-Attorney General Merrick B. Garland

“Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off. Today’s action against Visa reminds those who would stifle competition rather than competing on price or investing in innovation that the Justice Department will never hesitate to enforce the law on behalf of the American people.”

-Principal Deputy Associate Attorney General Benjamin C. Mizer

“Visa fears competition and innovation, and instead chooses unlawful cooperation and monopolization. Visa abuses its power over its customers and buys off would-be rivals at the expense of American consumers, merchants, banks, and the competitive process itself. Today’s lawsuit holds Visa accountable for its conduct in a market that forms the backbone of American commerce.”-Principal Deputy Assistant Attorney General Doha Mekki of the Justice Department’s Antitrust Division