07:44 AM EDT, 09/25/2024 (MT Newswires) -- (Adds Visa's response to a request for comment in the fifth and sixth paragraphs.)

(Updates with additional details in the third and fourth paragraphs.)

The US Department of Justice on Tuesday filed a civil antitrust lawsuit in a federal court against Visa (V) for allegedly monopolizing the debit card market.

In its suit, the DOJ said it is bringing the action "to put a stop to Visa's exclusionary and anticompetitive schemes, unfetter the markets of Visa's unlawful monopoly, remedy the harm Visa has caused, deny Visa the fruits of its statutory violations, and prevent the recurrence of these violations ... in the future."

The lawsuit claims that the company allegedly monopolized and attempted to monopolize debit card processing in the US as well as entered into unlawful agreements that disabled competition and restrained trade.

"We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," US Attorney General Merrick Garland said in a statement.

Visa's general counsel, Julie Rottenberg, said in an emailed statement to MT Newswires that businesses and consumers choose Visa because of its "secure and reliable network" and "world-class fraud protection."

"Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving," she said. "This lawsuit is meritless, and we will defend ourselves vigorously."

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