A UK firm is reportedly to file another antitrust class action claim against Mastercard and Visa over their multilateral interchange fees,reported Sky News. This new suit is seeking an estimated £7.5 billion on behalf of businesses accepting consumer credit or debit cards
The law firm will argue that the interchange fees are set by Visa and Mastercard, not market forces. Thomas Ross from Harcus Parker tells Sky: “These fees are unlawful and should be abolished.”
Read more: FTC Probes Competition In Visa, Mastercard Debit Routing Practices
Businesses with an annual pre-Covid turnover of under £100 million will be automatically included in the claim unless they choose to opt out. Firms with a higher turnover are invited to opt in.
Last year, the law firm brought a similar suit against Visa and Mastercard seeking compensation for businesses charged MIFs for accepting payments using corporate credit cards.
