The Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, alleging the company engages in anticompetitive practices to maintain its dominance in the payment-processing market. Visa, which processes over 60% of debit card transactions in the United States, collects more than $7 billion annually in processing fees. The DOJ’s suit claims that Visa protects this lucrative business through illegal means that thwart competition from rival payment processors.
For further details on this developing story, visit Law.com.