Payments company Visa Inc V was hit with an antitrust lawsuit by the U.S. Department of Justice (DOJ) Tuesday that analysts say could take years to sort out and will likely hurt shares in the short term.What Happened: The DOJ alleged Visa used anticompetitive practices in the debit network market in a lawsuit filed in U.S. District Court in New York on Tuesday.Visa controls over 60% of the U.S. debit transactions market, according to the lawsuit. The lawsuit alleged Visa illegally operates a monopoly by usi ...

Key TakeawaysVisa shares will likely remain in focus on Wednesday after slumping more than 5% yesterday following news that the U.S. Department of Justice had filed an antitrust lawsuit against the payments giant, alleging that it has engaged in monopolistic behaviors to protect its dominant position in the debit card market.The stock broke out to a new record high earlier this moth but promptly reversed course, raising the possibility of a bull trap, a chart pattern that lures investors into buying before ...

Following through on reports circulated Monday (Sept. 23), the U.S. Department of Justice filed an antitrust lawsuit against Visa, accusing it of stifling competition in the debit card market and suppressing alternatives.The Tuesday (Sept. 24) complaint alleged that Visa employed exclusionary contracts and anticompetitive practices to maintain its market share dominance, resulting in higher fees for merchants and consumers.In the complaint, filed in the U.S. District Court for the Southern District of New Y ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: A Visa card is displayed on May 15, 2024, in Portland, Ore. Credit: AP Photo/Jenny Kane, File The U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions ...

Key TakeawaysVisa shares fell Tuesday as the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against the payment processor.The DOJ accused the company of using monopolistic tactics to retain its top spot in the debit card market.The suit is the latest in a string of recent antitrust moves from the DOJ and Federal Trade Commission. Visa (V) shares fell Tuesday as the U.S. Department of Justice (DOJ) sued the payment processing giant over allegedly monopolistic behavior to protect its dominant pos ...

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The US Department of Justice sued Visa for alleged antitrust violations on Tuesday, accusing one of the world’s largest payment networks of suppressing competition by threatening merchants with high fees and paying off potential rivals.Visa processes more than 60% of debit transactions in the US, bringing it $7bn each year in fees collected when transactions are routed over its network, the justice department said. The company protects that dominance through agreements with card issuers, merchants and compe ...

The U.S. Justice Department on Tuesday sued Visa, the world's biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing "exclusionary" agreements on partners and smothering upstart firms.Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for "monopolization" and other unlawful conduct."We allege that Visa has unlawfully amasse ...

The US Department of Justice filed a lawsuit accusing Visa of engaging in anticompetitive behavior.Prosecutors say the financial giant's monopolistic actions affect "the price of nearly everything."Visa did not immediately comment on the lawsuit. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while y ...

The Justice Department (DOJ) on Tuesday filed a lawsuit against Visa, alleging that the company maintained an illegal monopoly over the U.S. debit card market. According to the DOJ's complaint, more than 60% of debit card transactions in the U.S. run on Visa's debit network, which allows the company to charge over $7 billion in fees each year for processing those transactions.It also accuses Visa of illegally maintaining its monopoly power by insulating itself from competition. As an example, the DOJ said V ...