Mastercard and Visa face proposed £5bn UK claim over interchange fees
What's happening
Visa and Mastercard are facing two proposed UK collective claims that could seek around £5 billion ($6.66bn) in compensation over allegedly unlawful interchange fees charged on consumer card payments. The claims, brought by law firms Harcus Parker and Hausfeld, would be opt-out and could cover about 1 million UK businesses. The cases are being put to the Competition Appeal Tribunal as part of a broader run of UK legal and regulatory action on card fees.
Why it's trending
Multiple law firms have lodged large opt-out claims now, pushing interchange fees back into the spotlight and raising potential huge compensation for UK merchants.
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Story volume
Stories per dayAngles you could write
If you think card fees are just a cost of doing business, expect a £5bn invoice headed the other way, merchants are trying to turn interchange fees into a revenue stream via big opt-out claims.
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Original sources4
- Visa and Mastercard Face £5bn UK Class Action Over Interchange Fees
Visa and Mastercard are facing two proposed UK collective actions that could seek around £5 billion in compensation over allegedly unlawful interchange fees charged on consumer card payments. The claims... read more The post Visa and Mastercard Face £5bn UK Class Action Over Interchange Fees appeared first on Payments Industry Intelligence .
Payments Industry IntelligenceOct 28 - Visa and Mastercard face potential UK suit over card fees
Visa and Mastercard are facing two proposed UK class-action lawsuits seeking billions of pounds for allegedly unlawful consumer card fees.
FinextraOct 27 - Mastercard and Visa face proposed £5bn UK claim over interchange fees
Harcus Parker and Hausfeld seek to bring an opt-out claim covering 1m UK businesses, the latest in a run of UK legal and regulatory action on card fees. Visa and Mastercard are facing a proposed £5bn ($6.66bn) collective claim at the Competition Appeal Tribunal (CAT) regarding the interchange fees British businesses have paid on card […]
Payment ExpertOct 27 - Visa and Mastercard face £5bn lawsuit in UK over card fees- reportElectronic Payments InternationalOct 27
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