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Visa slapped with a DOJ antitrust lawsuit
Visa is accused of running a monopoly that prevents competitors like PayPal and Stripe from competing in debit markets.
The DOJ alleges in its latest lawsuit that Visa’s “web of exclusionary agreements” with banks and businesses helped strengthen its market dominance and “smother” any potential competitors. Attorney General Merrick Garland said in a statement that Visa “unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market. Visa's General Counsel Julie Rottenberg told Engadget in an emailed statement that the DOJ's lawsuit is "meritless" and that they plan to vigorously defend themselves in court.
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