Mastercard and Visa are set to face another multibillion-pound UK lawsuit over Multilateral Interchange Fees (MIFs), according to Sky News.
Commercial litigation law firm Harcus Parker is set to bring the claim at the Competition Appeal Tribunal (CAT) on behalf of UK businesses in a case that could seek at least £7.5 billion in compensation, says Sky.
The law firm will argue that the interchange fees are set by Visa and Mastercard, not market forces. Thomas Ross from Harcus Parker tells Sky: “These fees are unlawful and should be abolished.”
Businesses with an annual pre-Covid turnover of under £100 million will be automatically included in the claim unless they choose to opt out. Firms with a higher turnover are invited to opt in.
Last year, the law firm brought a similar suit against Visa and Mastercard seeking compensation for businesses charged MIFs for accepting payments using corporate credit cards.
Mastercard is also facing a £14 billion class action suit over interchange fees brought on behalf of British shoppers.
