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Visa Faces an Antitrust Lawsuit by the Justice Dept.
The agency plans to argue that the company illegally penalizes customers that try to use rival payment processors.
The Justice Department is preparing to sue Visa, accusing the financial services giant of breaking the law to shut out rival payment processors, two people familiar with the matter said.
At the center of the lawsuit is payment processing technology, which connects a bank to a merchant whenever a purchase is made. The Justice Department plans to argue that Visa penalizes its customers when they try to use competing services to process payments, said the two people, who spoke anonymously because the lawsuit has not yet been filed.
The department may file the suit as early as Tuesday, one of the people said.
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Lauren Hirsch covers Wall Street, including M&A, executive changes, board strife and policy moves affecting business. More about Lauren Hirsch
David McCabe is a Times reporter who covers the complex legal and policy issues created by the digital economy and new technologies. More about David McCabe
Inside the Biden Administration
Here’s the latest news and analysis from Washington.
A Final ‘Quad Summit’: President Biden hosted the leaders of Australia, India and Japan at his home in Wilmington, Del., seeking to use his final “Quad summit” to cement the alliance between the United States and Indo-Pacific nations.
Subsidies for Carbon Capture: Some Democratic lawmakers, tax watchdogs and climate activists are questioning whether the federal government can accurately verify a tax program for facilities that store planet-warming gases.
Takeover of U.S. Steel: The Biden administration is granting a request by Japan’s Nippon Steel to resubmit its filing with the Committee on Foreign Investment in the United States for approval to purchase U.S. Steel.
G.O.P.’s Afghanistan Report: The White House dismissed a new House Republican investigative report castigating the Biden administration for the chaotic 2021 withdrawal from Afghanistan, saying it ignores critical facts.
Asylum Restrictions: The Biden administration is considering actions that would make President Biden’s tough but temporary asylum restrictions almost impossible to lift.
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