Technet: Daily Crunch - DOJ files suit to stop Plaid acquisition

The big story: DOJ files suit to stop Plaid acquisition

The Department of Justice is challenging Visa’s $5.3 billion acquisition of financial services startup Plaid. There were reports last month that the DOJ was investigating the acquisition, but now the department has actually filed suit.

“By acquiring Plaid, Visa would eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers,” DOJ argued.

Visa responded in a statement arguing that the suit shows “a lack of understanding of Plaid's business and the highly competitive payments landscape in which Visa operates.”

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