Justice Department Accuses Visa of Monopolizing Debit Card Market
The U.S. Justice Department has filed an antitrust lawsuit against Visa, accusing the payment giant of illegally dominating the debit card market and contributing to inflated prices for a wide range of goods and services. This lawsuit, which follows reports of Visa stock dropping by 5% upon the announcement, claims that Visa's practices stifle innovation and lock out potential rivals. Recent trading activities raised eyebrows after it was revealed that Nancy Pelosi's husband sold over $500K in Visa stocks shortly before the lawsuit was filed. The outcome of this case could have significant implications for the payment industry and for Visa's market position.
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