Visa and Mastercard threatened with potential £5bn UK lawsuit over fees

Legal firms have filed an application at the Competition Appeal Tribunal to launch a group claim against Visa and Mastercard, accusing the payment giants of overcharging UK businesses on customer card transactions since late 2020. The lawsuit alleges the companies have suppressed competition while imposing excessive fees, potentially exposing them to billions in compensation claims. If successful, affected businesses could seek reimbursement for alleged financial losses tied to the disputed charges. The case now hinges on whether the tribunal approves the claim for broader legal proceedings.

Application made for group claim seeking compensation for companies for alleged overcharging on customer card paymentsBusiness live – latest updatesVisa and Mastercard are being threatened with a potential £5bn lawsuit for allegedly stifling competition and charging UK businesses excessive fees.The law firms Harcus Parker and Hausfeld have lodged an application at the Competition Appeal Tribunal in hopes of pursuing a group claim that would compensate companies who, they claim, have been overcharged on customer card payments since October 2020. Continue reading...