DOJ's Visa antitrust lawsuit alleges debit card company monopoly [USA TODAY]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: USA TODAY
, accuses Visa of stifling competition and tacking on fees that exceed what it could charge in a competitive market. More than 60% of U.S. debit transactions are processed on Visa's debit network, allowing the company to charge over $7 billion in fees each year, according to the complaint. While Visa's fees are paid by merchants, the Justice Department said costs are passed along to consumers through higher prices or reduced quality. “As a result, Visa's unlawful conduct affects not just the price of one thing – but the price of nearly everything.” Attorney General Merrick Garland said in a news release. Two roommates. A communal bathroom. Earn rewards on your spending: Visa argues that it is “just one of many competitors” in a growing debit space and called the lawsuit “meritless.” “When businesses and consumers choose Visa, it is because of our secure and reliable network, world-class fraud protection, and the value we provide,” reads a statement from Julie Rottenberg,
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News
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- Rare elements powering the future, robo financial advice, path to EU citizenship: Catch up on the day's stories [CNN]CNN
- Visa stock plunges 5% as feds sue over alleged debit card monopoly [Fortune]Fortune
MA
Earnings
- 8/1/24 - Beat
MA
Sec Filings
- 9/23/24 - Form 4
- 9/20/24 - Form 144
- 9/18/24 - Form 4
- MA's page on the SEC website