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3 Shifts Jan 15 2021: Big Tech bans & Section 230, Visa's Plaid

The Justice Department also believes the acquisition would make it harder for others to break Visa's Plaid takeover faces antitrust scrutiny - WSJ. 27 October 2020 0 2 5 Visa to acquire Plaid for $5.3 billion. 14 January 2020 Visa $5.3 Billion Plaid Deal Triggers DOJ Antitrust WorriesVisa Inc.'s $5.3 billion acquisition of Plaid Inc. has raised competition concerns at the U.S. Justice Department, which is nearing a decision about whether to sue to block the deal, according to two people familiar with the matter. (Bloomberg) -- Visa Inc. agreed to walk away from its proposed $5.3 billion acquisition of Plaid Inc. following a U.S. Justice Department lawsuit to stop the deal on antitrust grounds. Visa Abandons $5.3B Acquisition of Plaid Over DOJ Antitrust Concerns Visa called off its $5.3 billion acquisition of Plaid, the fintech firm serving as a fiat bridge for a number of crypto and 2020-11-06 · The Department of Justice (DOJ) filed a civil antitrust lawsuit Thursday to stop Visa's $5.3 billion acquisition of data aggregator Plaid, claiming the deal would limit competition in the industry. Reports emerged last month that the department was calling on witnesses in preparation for potential litigation against the deal. Visa Inc., facing a prolonged antitrust fight with the Justice Department, walked away from a proposed $5.3 billion acquisition of Plaid Inc. aimed at expanding the card network’s services.

Visa plaid antitrust

In 1998, the DOJ sued Visa and MasterCard Inc., alleging the two colluded to restrict member banks from doing business with other credit card companies, like American Express Co. Visa on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal. Plaid provides the infrastructure that allows consumers and businesses to make payments directly from their bank accounts. Services like Venmo, SoFi, Stripe and TransferWise all use Plaid as a way for FILE- In this April 23, 2018, file photo, the logo for Visa appears above a trading post on the floor of the New York Stock Exchange. Visa Inc. on Tuesday, Jan. 12, 2021 called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal. The Department of Justice announced today that Visa Inc. and Plaid Inc. have abandoned their planned $5.3 billion merger.

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12 Jan 2021 following a U.S. Justice Department lawsuit to stop the deal on antitrust grounds. The department sued to block the Plaid deal in November, 12 Jan 2021 Visa has called off its planned $5.3-billion purchase of payment-processing technology company Plaid, citing the antitrust lawsuit the 12 Jan 2021 Now that Visa has abandoned its anticompetitive merger, Plaid and other future fintech innovators are free to develop potential alternatives to 12 Jan 2021 Visa abandoned its $5.3 billion planned acquisition of Plaid, an important competitor in the financial-technology space, in the face of a Justice 13 Jan 2021 Visa and fintech Plaid have called off their $5.3bn merger agreement following a lawsuit filed by the US Department of Justice (DOJ) to scrap 12 Jan 2021 Visa and financial technology company Plaid said on Tuesday that they would aimed at stopping the proposed transaction on antitrust grounds. 5 Nov 2020 The U.S. Justice Department sued to block Visa's $5.3 billion acquisition of Plaid over concerns that the deal would harm competition in the 12 Jan 2021 Visa has called off its deal to buy fintech start-up Plaid for $5.3bn after the US Department of Justice sued to block the transaction on antitrust 13 Jan 2021 Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment- processing technology company Plaid, citing the Justice 13 Jan 2021 Visa and Plaid, the biggest RIA-related fintech deal of 2020, finally died in 2021 under the boot of a Department of Justice (DOJ) anti-trust lawsuit 13 Jan 2021 The DoJ filed its antitrust complaint in federal court in November in an effort to scupper the blockbuster $5.3 billion takeover, insisting it "must be 12 Jan 2021 The Justice department had filed a civil antitrust lawsuit in November, 2020, to stop the merger, alleging that Visa is a monopolist in online debit, 14 Jan 2021 Visa-free travel. American trustbusters force Visa to back off Plaid IN EARLY 2019 an executive at Visa, a giant payments firm, sketched a picture On November 5, 2020, the Antitrust Division of the Department of.

The failed Plaid-Visa merger is interesting fintech tea

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Visa & Plaid’s Merger Blocked by DoJ Antitrust Suit The $5.3 billion merger of Visa and Plaid, which was announced a year ago, has been called off in the wake of the DOJ's lawsuit. by Visa’s willingness to spend a hefty $5.3 billion on the Plaid acquisition stems from Visa’s need to protect its lock on the consumer-payment oligopoly (a market dominated by a very few powerful enterprises) by preventing FinTech startups from rendering Visa’s antiquated number-based credit-card payment platform obsolete with smarter innovative payment solutions. 2021-01-12 · Visa has ended its takeover efforts of Silicon Valley start-up Plaid about two months after the Department of Justice filed an antitrust lawsuit on grounds that it would limit competition in the 2020-11-10 · Nov. 10, 2020. The Justice Department's announcement last week it would block Visa's $5.3 billion acquisition of Plaid has the potential to change the landscape of the financial services industry, said Pahl Zinn, an antitrust attorney for Dickinson Wright. "The outcome of this case will decide how the financial services industry might ultimately 2020-11-05 · The Justice Department said in an antitrust complaint filed Thursday in federal court in San Francisco that the deal for Plaid would illegally extend Visa’s dominant position and should be stopped.

Plaid was seeking to offer the service at a 50% discount to Visa’s fees, saving merchants millions of dollars -- a plan it was upfront with Visa’s executives about. Visa Chief Executive Officer Al Kelly told Chief Financial Officer Vasant Prabhu that the acquisition would be an “insurance policy” to protect the business, according to the complaint. Visa Inc., facing a prolonged antitrust fight with the Justice Department, walked away from a proposed $5.3 billion acquisition of Plaid Inc. aimed at expanding the card network’s services. Visa will no longer be buying fintech upstart Plaid, as the companies on Tuesday announced the "mutual termination" of the $5.3 billion agreement that was signed one year ago and opposed by U.S. antitrust regulators.
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2021-01-12 2020-11-05 Today, the Department of Justice filed a civil antitrust lawsuit to stop Visa Inc.’s $5.3 billion acquisition of Plaid Inc. Visa is a monopolist in online debit services, charging consumers and merchants billions of dollars in fees each year to process online payments. 2021-01-12 2020-10-28 Visa, Plaid Scrap $5.3 Billion Deal Amid U.S. Antitrust Suit.

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After Visa bid to buy Plaid, politicians and antitrust experts argued the deal would give Visa even more power over how customers and businesses pay for goods and services. AP Visa on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid , citing the Justice Department 's antitrust lawsuit filed last year to block the deal. Visa CEO and chairman Al Kelly said he believes the companies ultimately would have won the lawsuit because Plaid’s services complement Visa’s. “However, a full year has passed since we first announced our intention to acquire Plaid, and the protracted and complex litigation is likely to take considerable time to fully settle,” said Kelly, who was quoted in a press release from the 2020-10-29 · If the Plaid deal passes antitrust muster, Visa will have access to the data of over 200 million consumer bank accounts at 11,000 firms, and connections to 2,600 financial technology applications. Eduardo Coello:The acquisition will accelerate Visa’s ability to create innovative and accessible digital payment solution. 12 Jan 2021 CHARLOTTE, N.C. (AP) — Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, Payment processor Visa Inc's $5.3 billion deal to buy fintech startup Plaid Inc is facing antitrust scrutiny at the U.S. Justice Department, which filed a.