New York CNN —
The US Justice Department filed a lawsuit Tuesday accusing Visa of illegally monopolizing the debit card market.
For more than a decade, the department alleges, Visa has abused its dominant positionin the debit card market to force businesses to use Visa’s network instead of competitors’, and to stop new alternatives from entering the market.
“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” Attorney General Merrick Garland said in a statement. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality
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