Visa's foray into fintech provokes DoJ antitrust investigation
U.S. authorities want information from Bain & Co about Visa's Plaid acquisition. The U.S. Department of Justice, or DoJ, recently publicized an investigation into Visa's ongoing acquisition of fintech company Plaid. "Today, the Department of Justice filed a petition in the U.S. District Court for the District of Massachusetts to enforce Bain & Company’s compliance with the department’s Civil Investigative Demand (CID)," the DoJ said in an Oct. 27 public statement. Essentially, U.S. authorities have taken legal action to obtain information from Boston-based consulting giant Bain & Company....
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The Justice Department's November 2020 suit has reversed the planned merger. The United States Department of Justice saw a victory in a major fintech acquisition case that could set the stage for a host of antitrust enforcements.On Tuesday, the DoJ announced that Visa and Plaid had called it quits on their planned merger. Originally announced almost exactly a year ago, Visa was planning to pay $5.3 billion for the upstart tech firm. Plaid's ubiquitous software is designed to connect disparate systems of financial data securely. In its November 2020 complaint, the DoJ alleged that Visa was....
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U.S. regulator's growing distrust in tech companies is not stopping them from extending their services into the crypto industry. As technology titans in the United States capture a larger part of their industries and beyond, regulators and governments have become increasingly concerned about their extensive power and influence. Indeed, Facebook, Twitter and Google’s parent company Alphabet all appeared before a Congressional antitrust hearing in July. The primary concern of the government is that these companies use their authority to stifle competition and manipulate users to maintain....
Regulators in Italy have moved to suspend the operations of several affiliates of OneCoin, the digital currency investment scheme widely accused of being fraudulent. Late last month, the Italian Antitrust Authority, a quasi-autonomous non-governmental organization that focuses on consumer protection, said that it had ordered the "precautionary suspension" of the efforts, led by three unnamed individuals. The Antitrust Authority is funded by Italy’s Ministry of Economic Development. The Antitrust Authority said that its investigation of OneCoin – which accelerated in December with....
The Department of Justice announced Tuesday that the deal was off.