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The US Department of Justice files antitrust lawsuit to stop Visa's purchase of Plaid

Friday 6 November 2020 14:38 CET | News

The US Department of Justice (DOJ) has filed an antitrust lawsuit to stop Visa’s proposed USD 5.3 billion purchase of the US-based financial services company Plaid.

According to natlawreview.com, the DOJ Antitrust Division says Plaid is developing a payments platform that would challenge Visa’s monopoly, which generates billions of dollars in transaction fees.

According to the DOJ, Plaid’s technology allows developers to plug into consumers’ financial accounts, with their permission, to aggregate spending data, look up balances, and verify other personal financial data. Because it accesses data on behalf of many customers, it has become an important data aggregation company in the United States.

The case was brought in the US District Court for the Northern District of California under Section 2 of the Sherman Act and Section 7 of the Clayton Act.


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Keywords: Visa, Plaid , Department of Justice, US, acquisition, antitrust, lawsuit, payments platform, transactions , data aggregation
Categories: Payments & Commerce | Payments General
Countries: United States
This article is part of category

Payments & Commerce