Visa stock plunges 5% as feds sue over alleged debit card monopoly

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Visa stock plunges 5% as feds sue over alleged debit card monopoly​

Visa shares plunged over 5% as the U.S. Justice Department filed an antitrust lawsuit against the company Tuesday, alleging it has illegally monopolized the debit card market by eliminating choice for banks and businesses and stifling competition from new entrants.

Over 60% of the more than $4 trillion in debit transactions that take place in the U.S. every year are routed to Visa’s electronic payments network, Attorney General Merrick B. Garland said in a press conference Tuesday afternoon. The DOJ has alleged Visa uses that leverage to deploy a web of anticompetitive agreements that penalize merchants and banks for using competing payment networks.

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Nancy Pelosi’s husband unloaded more than $500,000 worth of Visa stock — less than three months before the credit card giant was slapped with federal antitrust charges, public documents show.
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They were recommended as a buy recently. Another reason to buy ETFs.

Lolz...