- 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.
LONDON, Sept. 4,
2024 /PRNewswire/ -- The Competition Appeal
Tribunal (the "Tribunal") ordered that the claims, brought
by the Class Representatives, Commercial and Interregional Card
Claims I & II Limited, be certified, enabling the Class
Representatives to seek compensation for businesses across the UK
for the unlawful fees they paid.
The Tribunal dismissed Mastercard's and VISA's objection to the
claims being certified, ruling that the cases can proceed as
collective actions.
A deadline for involvement in these claims has been set by the
Tribunal and businesses are encouraged to register their interest
now to stay updated on developments in the proceedings and, if
successful, to claim their share of any damages awarded.
For more information about the opt-in and opt-out collective
claims, visit commercialcardclaim.co.uk.
Responding to the Tribunal's judgment, Jeremy Robinson, a partner at Harcus Parker
Limited, representing the Class Representatives said:
"We welcome the opportunity to hold Mastercard and VISA to
account for imposing multilateral interchange fees at an unlawfully
high level and causing substantial loss to UK businesses.
We are pleased that this important claim will now proceed
despite Mastercard and Visa's attempts over the last two years to
deny thousands of UK businesses a straightforward and effective
route to justice through the Competition Appeal Tribunal.
Although in relation to different types of MIFs, both the UK
Supreme Court and the Court of Justice of the EU have condemned
similar practices engaged in by Mastercard and Visa. Holding global
corporate giants to account through class action litigation is the
best way to ensure the likes of Mastercard and Visa do not go on
imposing unfair charges on businesses."
Stephen Allen, the director of
the Class Representatives said:
"We are fighting to ensure businesses and organisations across
the UK economy are properly compensated by Mastercard and Visa for
their unlawful multilateral interchange fees.
MIFs operate like a tax on business, increasing the fees
businesses have to pay to their banks for accepting commercial card
transactions. These claims seek to recover the losses businesses
have suffered as a result of Visa and Mastercard's practices and
highlight the need for such practices to be abolished.
UK businesses in the travel, hospitality, and retail sectors
have been particularly hurt by Mastercard's and
Visa's multilateral interchange fees and we are delighted that
this claim has been endorsed by leading trade bodies including UK
Hospitality and the Association of British Travel Agents
(ABTA)."
MIFs are paid by businesses through fees paid to their banks
(known as acquiring banks) upon the acceptance of a commercial card
transaction. The losses suffered by businesses throughout the UK
are significant, estimated to be at least $4
billion.
If you know your business receives payment by commercial cards,
or you would like to confirm whether your business does, then visit
the claims website today, register, and find out.
For more information about the opt-in and opt-out collective
claims, visit commercialcardclaim.co.uk.
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