Visa and Mastercard May Face Lawsuit in UK Over Commissions
The lawsuit concerns interbank commissions that Visa and Mastercard set for card payments
Harcus Parker and Hausfeld have filed an application with the Competition Appeal Tribunal to launch a collective lawsuit. According to sources close to the matter, the total claims may amount to around 5 billion pounds sterling. The claimants seek to recover commissions for the period starting from October 2020, as well as interest on these losses.
The law firms assert that a lack of competition has led to higher fees on debit, credit, and prepaid cards.
If the application is approved, approximately 1 million British companies, organizations, and charitable foundations with revenues of less than 100 million pounds sterling will automatically be included in the claim unless they opt out. Large businesses will need to join separately, and their potential payouts could amount to tens of millions of pounds.
The process may take several years. Mastercard stated that it disagrees with the basis of the claim and considers it speculative, while Visa described interbank commissions as an important part of a secure digital payment system.
