MasterCard and Visa are said to be facing a lawsuit from UK companies over competition, with potential damages in the billions of pounds.
The Competition Appeal Tribunal is set to file a claim stating that MasterCard and Visa charged businesses excessively high multilateral interchange fees (MIFs).
According to Reuters, law firm Harcus Parker is set to file the claim, which it believes could be worth well over £10 billion, in what could be one of the biggest competition compensation claims in UK history.
The lawsuit will claim that MIFs, mandatory fees for banks to join the companies’ card programs, are determined by Mastercard and Visa, rather than market forces.
Businesses with an annual turnover of at least £100 million prior to the pandemic will have the option to participate in the claim.
Companies with revenue under £100 million that have registered online will be included unless they choose to opt-out.
Harcus Parker has established a claim period from 2017 until the date of judgment or settlement. They anticipate a minimum amount of £7.5 billion, but the final number may potentially double that estimate.