Visa, Mastercard Hit With Antitrust Suit Over Credit Card Fees

Visa Inc. and Mastercard Inc. are facing a new antitrust lawsuit that alleges the credit card companies conspired to vastly overcharge the Square payment platform, causing higher retail prices paid by consumers.

Block Inc., the company formerly known as Square Inc., claims that Visa and Mastercard conspired to fix inflated “interchange” fees and maintain market power, according to a suit filed July 14 in the US District Court for the Eastern District of New York.

Block’s Square payment processing platform directly contracts with Visa and Mastercard to facilitate card transactions for millions of merchants. Square is the direct payer ...