DOJ Readies Major Antitrust Case Against Visa’s Debit Empire [Video]

The U.S. Department of Justice (DOJ) is poised to launch a significant antitrust lawsuit against Visa Inc., accusing the payment card services giant of illegally monopolizing the nation’s debit card market, according to sources familiar with the matter, per Bloomberg News.

The lawsuit, set to be filed in federal court as early as Tuesday, will reportedly allege that Visa engaged in anticompetitive conduct to maintain its dominance in the debit card market.

Among the government’s expected claims are accusations that Visa forged exclusive agreements to hinder expansion of rival networks and thwarted efforts by technology companies to enter the market.

This legal action represents the culmination of yearslong investigations into Visa’s operations. The probe initially stemmed from the company’s failed acquisition of financial technology infrastructure firm Plaid Inc. in 2021, which raised red flags regarding potential anticompetitive behavior.

As news of the impending lawsuit broke, Visa’s shares tumbled by as much as 1.95 percent …