The UK’s Competition Appeal Tribunal has determined that the multilateral interchange fees imposed by Visa and Mastercard on retailers violate European competition law.
This unanimous decision addresses linked lawsuits filed by merchants and represents the latest development in an ongoing dispute regarding the card fees retailers owe to these two US payment giants.
David Scott, global managing partner at Scott+Scott, which represented the claimants, stated to Reuters that the ruling is “a significant win for all merchants who have been paying excessive interchange fees to Visa and Mastercard.”
Both companies plan to appeal. A Mastercard spokesperson expressed to Reuters: “Mastercard strongly disagrees with today’s decision, which is deeply flawed, and will seek permission to appeal.”