A UK tribunal has ruled that interchange fee lawsuits against Visa and Mastercard can proceed.
The two US companies are facing legal action on behalf of hundreds of merchants regarding the multilateral interchange fees they charge for card payment processing. After initially declining to certify the cases, London’s Competition Appeal Tribunal has since approved revised applications to move forward.
This ruling is part of an ongoing series of lawsuits focusing on the fees imposed by Visa and Mastercard on merchants. The commercial litigation law firm Harcus Parker is representing UK businesses in a case that seeks at least £7.5 billion in compensation.
Recently, the Payment System Regulator decided against implementing financial penalties on Visa and Mastercard for their scheme and processing fees, despite evidence suggesting that these companies effectively operate in a duopoly in providing services to merchants.