The U.S. Department of Justice sues Visa for alleged illegal monopolization of the debit card market.

The U.S. Department of Justice has accused Visa of illegally monopolizing the debit card market, leading to consumers paying additional fees. Visa denies the allegations and says it will defend itself in court. The DOJ claims that Visa achieved its monopoly through incentives and exclusive agreements, affecting over 60% of debit card transactions and generating annual fees exceeding $7 billion.

Visa argues that it is one of many competitors and emphasizes the security and value of its network. The lawsuit does not seek specific remedies but aims to obtain injunctions to halt certain pricing and contract rules.

Experts believe that more competition could reduce fees, but consumers may not directly benefit. The outcome of the lawsuit will depend on Visa's defense strategy.

The Biden administration has emphasized the importance of competition to the economy and has taken steps to combat unfair fees.