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VISA and Mastercard to Face Multi-Billion Pound Lawsuits for Imposing Illegal Multilateral Interchange Fees on UK Businesses

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The Class Representatives are pursuing over £4 billion in damages from Mastercard and VISA on behalf of UK businesses. The Competition Appeal Tribunal has authorized collective action that could compensate businesses for unlawful multilateral interchange fees (MIFs) imposed by Mastercard and VISA on commercial card transactions in the UK. The claim argues that businesses accepting payments via commercial cards were charged excessively high fees, leading to substantial financial losses.

The claim period spans from June 2016 to June 2022, with damages continuing to accumulate until a judgment or settlement is reached. Businesses that received commercial card payments during this time may be eligible to join the proceedings.

The Tribunal certified the claims brought by Commercial and Interregional Card Claims I & II Limited, rejecting objections from Mastercard and VISA, allowing the case to move forward as a collective action.

Businesses are encouraged to register their interest as the Tribunal has set a deadline for participation. By doing so, they will stay informed of case developments and have the opportunity to claim their share of any damages awarded if the action is successful.

For more details about the collective claims, businesses can visit commercialcardclaim.co.uk.

Jeremy Robinson, a partner at Harcus Parker Limited, representing the Class Representatives, welcomed the Tribunal’s decision:

“We are pleased to have the chance to hold Mastercard and VISA accountable for unlawfully high MIFs, which have caused significant losses to UK businesses. Despite efforts by Mastercard and VISA to prevent this, the claims will proceed, providing a clear path to justice for thousands of businesses.”

Stephen Allen, director of the Class Representatives, added:

“We are fighting to ensure UK businesses are properly compensated for Mastercard and VISA’s unlawful MIFs, which have functioned like a tax on businesses, increasing the costs they pay to their banks. These claims aim to recover the losses incurred and emphasize the need to end such unfair practices.”

MIFs are fees paid by businesses to their acquiring banks when accepting commercial card transactions. The estimated losses suffered by UK businesses amount to at least £4 billion.

If your business receives commercial card payments or you’d like to verify whether it does, visit the claims website to register and learn more.

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