DOJ Opens Investigation into Visa’s Acquisition of Plaid

The Department of Justice has filed a petition in the U.S. District Court of Massachusetts to investigate Visa’s $5.3 billion acquisition of fintech Plaid over antitrust concerns.

The DOJ has issued a Civil Investigation Demand (CID) to Bain & Company, first issued in June. The DOJ claims that Bain and Co., a consulting management firm withheld important documents demanded under the CID.

Anti-Trust laws are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. The law applies to business activities like bid-rigging, price-fixing and monopolies.

No business or service provider can own more than 51% of the market share, according to the FTC. Owning the majority of the market share might lead to monopolizing the…