Mastercard And Visa To Be Sued Again For Card Interchange

According to Sky News, MasterCard and Visa are about to face another multibillion-pound UK lawsuit over Multilateral Interchange Fees (MIFs).

According to Sky, commercial litigation law firm Harcus Parker is planning to file an action with the Competition Appeal Tribunal (CAT) on behalf of UK firms, seeking at least £7.5 billion in compensation.

The law firm will claim that Visa and Mastercard determine the interchange fees, not market forces. Thomas Ross from Harcus Parker tells Sky: “These fees are unlawful and should be abolished.”

Companies having a pre-Covid annual turnover of less than £100 million will be automatically included in the claim unless they opt out. Companies having a greater turnover are encouraged to participate.

The law firm filed a similar complaint against Visa and Mastercard last year, seeking reimbursement for firms charged MIFs for taking purchases using corporate credit cards.

Mastercard is also facing a £14 billion class action lawsuit initiated on behalf of British shoppers over interchange fees.