Mastercard and Visa face a new UK class-action claim worth up to £5 billion. Law firms Harcus Parker and Hausfeld filed the application at the Competition Appeal Tribunal.
The claim alleges the payment giants charged UK businesses excessive swipe fees on card transactions. The lawsuit targets anticompetitive practices involving multilateral interchange fees (MIFs).
The proposed group claim seeks to recover fees paid since October 2020 plus interest. If certified, the action would include all UK businesses that accept Mastercard and Visa cards.
Mastercard strongly disagrees with the claim. A spokesperson called the litigation speculative and opportunistic.