Multi-billion pound credit card lawsuit set to be filed


Multi-billion pound credit card lawsuit set to be filed

Wednesday, 21 Feb, 2023 0

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



 


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Ray Monty



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