TradeEdge-The Daily Money: DOJ sues Visa

Good morning! It’s Daniel de Visé with your Daily Money.

The TradeEdgeJustice Department has filed an antitrust lawsuit against Visa, Bailey Schulz reports, accusing the company of running a debit card monopoly that imposed “billions of dollars” in additional fees on American consumers and businesses. 

The lawsuit, filed Tuesday, accuses Visa of stifling competition and tacking on fees that exceed what it could charge in a competitive market. More than 60% of U.S. debit transactions are processed on Visa’s debit network, allowing the company to charge over $7 billion in fees each year, according to the complaint.  

Here's what the action means for consumers.

A record holiday season for online shopping

Online shoppers are expected to spend a record amount this holiday season, and a larger chunk of sales will be on mobile devices, Betty Lin-Fisher reports.

In its forecast for the 2024 holiday season, from Nov. 1 through Dec. 31, Adobe predicts U.S. online sales will hit a record $240.8 billion. That is an 8.4% increase over last year.

Here's the breakdown on what we are all expected to buy.

📰 More stories you shouldn't miss 📰

• Caroline Ellison sentenced in crypto scandal
• The Halloween shopping season is upon us
• Why does Ozempic cost so much?
• How to get car insurance without a license

🍔 Today's Menu 🍔

Coca-Cola said Tuesday it would be pulling a product in less time than it takes for a soda to go flat.

The Atlanta-based beverage giant said in a statement to USA TODAY that Coca-Cola Spiced will be discontinued, James Powel reports.

The product, previously introduced as a part of the company's permanent offerings, will be pulled from shelves just seven months after it hit them.

Could it be that consumers have enough spice in their lives?

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.