PayPal Sued in US Consumer Case Over ‘Industry-High’ Transaction Fees
October 5, 2023
PayPal is facing an antitrust lawsuit in California, where two consumers allege the company has crafted agreements with e-commerce merchants to artificially maintain high transaction fees, violating competition law. The suit contends that PayPal, which owns Venmo, enforces the highest transaction fees among payment processors and asserts that PayPal’s “anti-steering” rules serve no plausible procompetitive purpose. The plaintiffs seek unspecified monetary damages and an injunction against what they deem anticompetitive practices.
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