P1racenews AI automatic summary:
Visa is one of the two major sponsors of the RB team – and has been sued by the US Justice Department.
Visa, one of the world’s largest payment networks and a title sponsor of the RB F1 team, is facing a lawsuit from the United States Department of Justice. The DOJ alleges that Visa is a “monopolist in the debit transaction markets” and is in violation of the Sherman Antitrust Act. Attorney General Merrick Garland claimed Visa uses unlawful agreements to maintain its monopoly power in the online debit transaction market. In response to the lawsuit, Visa argued that it is one of many competitors in a growing debit space that offers various payment options. Visa’s general counsel, Julie Rottenberg, emphasized the company’s contribution to innovation and economic opportunities within the payments network industry.