Harcus Parker United Kingdom England

Harcus Parker: Mastercard and VISA will face multi-billion pound lawsuits over multilateral interchange fees on UK businesses

The Class Representatives are seeking damages from Mastercard and VISA of over £4 billion on behalf of businesses across the UK.The Competition Appeal Tribunal has given the go-ahead for the collective action that could see businesses compensated for the unlawful multilateral interchange fees ("MIFs") set by Mastercard and VISA that applied to transactions involving commercial cards in the UK. The claim alleges that businesses that received payments by commercial cards paid fees much higher than they should have been, causing them significant losses.The claim period runs from June 2016 to June 2022, with damages continuing to accrue until the date of judgment or settlement. If you think your business received payment by commercial card in that time, you could be included in these proceedings.View original content:https://www.prnewswire.co.uk/news-releases/harcus-parker-mastercard-and-visa-will-face-multi-billion-pound-lawsuits-over-multilateral-interchange-fees-on-uk-businesses-302237105.html