The Department of Justice Put an Attorney Back on the Visa Antitrust Case Despite Her Financial Conflict

A Department of Justice antitrust attorney recently contacted department ethics officials when she came to believe a family investment conflicted her out of her work suing Visa for allegedly monopolizing the debit card market.

Attorney Jessica Leal voluntarily recused herself from the case and awaited word from department leadership.

DOJ leadership put her back to work.

“I believe that her financial interest in the matter is not so substantial as to affect the integrity of the services which the government may expect from her,” Antitrust Division Ethics Officer Tracy Fisher wrote to Assistant Attorney General Gail Slater in a Jan. 5 memorandum obtained in partially redacted form by NOTUS. “I also believe it is in the Antitrust Department’s best interest for Ms. Leal to be permitted to participate in this matter.”

Slater signed a conflict-of-interest waiver the next day. Leal could now pursue Visa again.

Leal’s conflicts-of-interest waiver does not specify the name or value of the Leal family investment that’s the source of the conflict. But it indicates the investment is worth more than the $25,000 legal threshold for being considered “de minimis” and involves a “non-party company likely to be affected financially by the Antitrust Division case.”

In her memo to Slater, Fisher acknowledged that the Department of Justice’s lawsuit against Visa “could have a direct and predictable effect” on Leal’s conflicted investment.

But Fisher also argued that “the Antitrust Division’s need for Ms. Leal’s participation in this matter is substantial.” Left redacted: further explanation of why the division’s need for Ms. Leal’s participation in the Visa case is so critical

The waiver — a rarely-used tool that allows executive branch officials to circumvent standard government ethics rules in certain situations — comes as the Department of Justice’s antitrust division has faced internal tumult and high-profile departures during President Donald Trump’s second term.

A Trump nominee confirmed with bipartisan support, Slater has advocated for “America first antitrust enforcement” and the application of “deep-rooted conservative principles.” In a speech last year at Notre Dame Law School, she called for respecting “the moral agency of individuals by protecting their individual liberty from the tyranny of monopoly.”

Neither Leal nor the Department of Justice’s press office responded to NOTUS’ phone and email messages. The Department of Justice’s ethics office denied NOTUS’ request to review Leal’s personal finances as disclosed to the government, saying that ”she does not file a public financial disclosure report because she is not a political or senior employee.”

Visa spokesperson Curtis Blessing declined to comment.

Leal’s waiver is “quite uncommon” because it appears Leal attempted to recuse herself from the Visa case, “which is the proper thing to do,” said Scott Amey, general counsel for nonprofit watchdog organization Project on Government Oversight.

“The best practice is to remove her from the case and fill her seat with a non-conflicted attorney,” said Amey, who added that Visa could ostensibly file a motion with the court if it objects to Leal’s participation.

The Department of Justice’s Antitrust Division sued Visa in September 2024, alleging that the bank card company “unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market.”

Visa has called the case “meritless.” But a federal judge sank Visa’s attempt last year to get the case dismissed, and the case has continued forward during Trump’s second term — although court records indicate it may be many months before it reaches trial.

Leal — admitted to the State Bar of California in 2009 and a Department of Justice attorney since 2020, per her LinkedIn resume — is one of nine Department of Justice attorneys listed on the case, having officially joined the Visa litigation team on Nov. 17, according to court records.

Leal’s waiver comes with conditions.

The document notes, for example, that Leal “has agreed to monitor the value” of her conflicted investment. She “will cease working on the Visa Litigation and seek further ethics advice” if the investment’s value increases to a point where it represents a certain percentage of her family’s financial holdings — the Department of Justice redacted the precise figure.

“This waiver is based on the understanding that Ms. Leal’s family does not have, and will not have in the future, any additional conflicting financial interest in this particular matter,” Fisher wrote to Slater.