Multi-billion pound credit card lawsuit set to be filed
One of the biggest credit card compensation claims in UK history will be launched imminently against Visa and Mastercard.
The claim on behalf of UK businesses, including the travel sector, is seeking damages for alleged excessive card fees.
The credit card lawsuit will be filed at the Competition Appeal Tribunal (CAT).
Commercial litigation law firm Harcus Parker is bringing the claim against Mastercard and Visa.
The new claim joins the claims Harcus Parker filed in the CAT last year against corporate and inter-regional card fees.
The new class action is potentially worth many billions .
The claim will argue that any UK business should be compensated for alleged overcharging.
These fees –known as Multilateral Interchange Fees (MIFs) –are paid by businesses to their banks to accept payment by debit or credit card.
They are estimated to comprise up to 90% of a typical business’ monthly bank charge.
“We want to ensure businesses across the UK economy are properly compensated,” said Jeremy Robinson, partner at Harcus Parker.
“This class action will be open to all UK businesses –big and small –who accept Mastercard and Visa.”
It also represented for excessive MIF charges, which particularly affects those in the travel and hospitality sectors.
Trade associations already backing it include ABTA and UKHospitality