This Week In Credit Card News: Justice Department Sues Visa For Illegal Debit Card Monopoly [Forbes]
Synchrony Financial (SYF)
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Source: Forbes
The U.S. 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 position in the debit card market to force businesses to use Visa's network instead of competitors', and to stop new alternatives from entering the market. According to the new complaint against Visa, more than 60% of debit transactions in the country take place on Visa's debit network. Visa, in turn, is able to charge more than $7 billion in processing fees on those transactions, the department says. To keep that control, Visa imposes exclusivity agreements that penalize vendors and banks who want to run transactions through different systems, effectively insulating the company from competition. [ CNN ] Visa faces a Justice Department lawsuit for an illegal monopoly and driving up prices getty American Airlines in Talks to Pick Citigroup over Rival Bank Barclays for Crucial Credit Card De
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SYF
Earnings
- 7/17/24 - Beat
SYF
Sec Filings
- 9/17/24 - Form 8-K
- 9/9/24 - Form 8-K
- 8/19/24 - Form 4
- SYF's page on the SEC website