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UK: Visa served with lawsuit following EU payments reforms

By  |  July 26, 2013

The same week the European Commission announced proposals for payments reforms that would restrict credit card giants’ use of swipe fees, reports say some of the largest retailers in the UK filed a lawsuit against Visa Inc. and its former affiliate Visa Europe Ltd. for such fees, which fall on merchants with every swipe of the card. The plaintiffs named include Wal-Mart’s Asda unit, William Morrison Supermarkets and Arcadia Group. While reports say the case was filed on July 23, Visa Europe responded to requests for statements by claiming the company has not seen the claim and that, if true, Visa would “strongly contest it.” Swipe fees have been the subject of much debate for competition regulators not only in Europe, but also in Canada and the US.

Full Content: Bloomberg

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