DOJ sues Visa over debit card market monopoly

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 ...