Visa and Mastercard threatened with potential £5bn UK lawsuit over fees
Reported by The Guardian Business, not nibnow. We are not the publisher of this story, only the source is.
A potential £5bn lawsuit could force Visa and Mastercard to change fee structures, directly affecting the cost of card payments for UK businesses.
Application made for group claim seeking compensation for companies for alleged overcharging on customer card payments Visa and Mastercard are being threatened with a potential £5bn lawsuit for allegedly stifling competition and charging UK businesses excessive fees. The law firms Harcus Parker and Hausfeld have lodged an application at the Competition Appeal Tribunal in hopes of pursuing a group claim that would compensate companies who, they claim, have been overcharged on customer card paymen
Visa and Mastercard dominate card payment networks and set transaction fees for merchants. In the UK, the Competition Appeal Tribunal can hear group claims alleging anti‑competitive practices and overcharging.
- •Decision by the Competition Appeal Tribunal on the group claim application
- •Any settlement negotiations between the law firms and the card networks
- •Potential regulatory actions or policy changes regarding card payment fees