UK Businesses Seek Compensation From Visa and Mastercard…
By Abdelaziz Fathi
AI summary of the source article
Visa and Mastercard face collective proceedings applications at the UK Competition Appeal Tribunal seeking an estimated £5 billion in compensation for alleged excessive multilateral interchange fees on consumer card transactions.
Why it matters
The legal risk extends beyond any eventual damages award: prolonged litigation could increase costs and intensify scrutiny of interchange economics, while changes to collective-action rules could affect how future claims are financed.
Key facts
- Law firms Harcus Parker and Hausfeld filed collective proceedings applications at the Competition Appeal Tribunal on October 26, 2026.
- The claims cover consumer debit, credit, and prepaid card transactions between October 23, 2020, and October 23, 2026, with an estimated combined value around £5 billion.
- The actions use opt-out proceedings for businesses with turnover under £100 million and opt-in proceedings for those with turnover of £100 million or more.
Source excerpt · FinanceFeeds
Visa and Mastercard face a potential multibillion-pound compensation claim in the UK after law firms Harcus Parker and Hausfeld filed collective proceedings applications at the Competition Appeal Tribunal (CAT), alleging that businesses were overcharged on consumer card transactions over six years.The claims, filed on October 26, 2026, seek compensation for alleged excessive multilateral interchan…