The legal battle between Visa and its former European unit against U.K. retailers over $800 million in card fees has landed in favor of Visa, according to Bloomberg.
The dispute between a dozen retailers, which included Wal-Mart Stores, Asda unit and Arcadia Group Plc, and Visa and its former European affiliate Visa Europe involved card processing fees from as early as 1977. According to Bloomberg’s report, a London judge ruled Thursday (Oct. 30) that claims could only be made from 2007 — cutting Visa’s liability by $800 million, or half a billion pounds.
“This is not a case of a ‘secret cartel’ operating over many years without the knowledge of victims and the authorities,” Bloomberg reported that Judge Peregrine Simon said in his ruling. The existence and operation of the card fees were “matters of public knowledge, which had been notified to the competition authorities.”
According to Bloomberg, Visa Europe split from Visa Inc. before the U.S. card company’s initial public offering in early 2008.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More