Visa Directors, Execs Sued Over Debit Card Antitrust Trouble

Visa Inc.'s leaders are responsible for getting the payment processing company into hot water with the US Department of Justice over its debit card network’s alleged antitrust violations, an investor alleges.

The board and some executives made false statements about Visa’s operations, breaching their fiduciary duties to the company, Al Testani says. Testani filed the derivative suit Tuesday in the US District Court for the Northern District of California.

What the company didn’t disclose “was that Visa was using its agreements with merchants and issuers to manipulate the debit network system to limit competition and had used client financial incentives ...