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Mastercard, Visa May Face New UK Class Action Suit Over Fees

By  |  February 22, 2023

A UK firm is reportedly to file another antitrust class action claim against Mastercard and Visa over their multilateral interchange fees,reported Sky News. This new suit is seeking an estimated £7.5 billion on behalf of businesses accepting consumer credit or debit cards

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    The law firm will argue that the interchange fees are set by Visa and Mastercard, not market forces. Thomas Ross from Harcus Parker tells Sky: “These fees are unlawful and should be abolished.”

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    Read more: FTC Probes Competition In Visa, Mastercard Debit Routing Practices

    Businesses with an annual pre-Covid turnover of under £100 million will be automatically included in the claim unless they choose to opt out. Firms with a higher turnover are invited to opt in.

    Last year, the law firm brought a similar suit against Visa and Mastercard seeking compensation for businesses charged MIFs for accepting payments using corporate credit cards.