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US Attorney General Merrick Garland said Visa's illegal conduct discouraged potential rivals, particularly fintech companies like Square's CashApp, from entering the debit processing market.
The Justice Department filed a lawsuit against Visa on Tuesday, alleging the financial services giant used its clout to maintain a monopoly over the U.S. debit card market.
Attorney General Merrick Garland, center, is flanked by Principal Deputy Assistant Attorney General Doha Mekki, left, and Principal Deputy Associate Attorney General Benjamin Mizer, right, as he ...
“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” said Attorney General Merrick B. Garland in a statement. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service.
Visa Inc. (/ ˈviːzə, ˈviːsə /) is an American multinational payment card services corporation headquartered in San Francisco, California. [1][4] It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. [5]
Merrick Garland. Merrick Brian Garland (born November 13, 1952) is an American lawyer and jurist who has served as the 86th United States attorney general since 2021. He previously served as a circuit judge of the United States Court of Appeals for the District of Columbia Circuit from 1997 to 2021. In 2016, President Barack Obama nominated ...
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