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Visa and MasterCard face fresh lawsuits in UK over merchant fees – 06/07/2024 5:30 pm

Visa and MasterCard face fresh lawsuits in UK over merchant fees – 06/07/2024 5:30 pm

((Automatic translation by Reuters, see disclaimer https://bit.ly/rtrsauto))

Global payment processing giants Visa VN and Mastercard MA.N face a new round of lawsuits over fees charged to retailers after a London court ruled Friday that class actions brought on behalf of merchants can continue.

Both companies are already the subject of a long list of lawsuits in London over multilateral interchange fees, which retailers pay when consumers use their cards to make purchases.

Visa and MasterCard have each been sued by hundreds of plaintiffs at the Competition Appeal Tribunal in London, which handles various cases together.

In 2022, the special-purpose agency Commercial and Regional Card Claims filed another round of lawsuits against Visa and MasterCard, seeking damages on behalf of merchants who were allegedly overcharged.

The court initially refused to certify its cases under the British bankruptcy regime, which is similar to class actions in the United States.

However, the court ruled on Friday that the cases would be certified, subject to representation by other parties interested in the cases.

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