DOJ files suit to stop Visa's $5.3 billion acquisition of fintech firm Plaid

A civil antitrust lawsuit has been filed by the U.S. government as it tries to stop the acquisition of fintech firm Plaid by Visa. 

The lawsuit, filed Thursday, describes Visa as a "monopolist" that is trying to buy Plaid in order to "eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers." According to the civil complaint, DOJ lawyers are asking the court to stop the acquisition transaction from taking place. 

Word first emerged that the DOJ was investigating the planned acquisition late last month. Visa went public with its plan to buy Plaid in January.

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