Key facts
- Visa and Mastercard are threatened with a potential £5bn UK lawsuit.
- The claim alleges excessive interchange fees charged to UK businesses since October 2020.
- Law firms Harcus Parker and Hausfeld are pursuing the group claim.
- Mastercard and Visa argue interchange fees are vital for the payments ecosystem.
- The case is funded by Bench Walk Advisors.
Visa and Mastercard face a potential £5 billion lawsuit in the UK, initiated by law firms Harcus Parker and Hausfeld. The claim, lodged at the Competition Appeal Tribunal, alleges that the payment giants have stifled competition and overcharged UK businesses on card payments since October 2020. The core of the dispute lies in multilateral interchange fees, which businesses argue are excessively high due to a lack of competition. The lawsuit seeks to recover these alleged overcharges, plus interest, over a six-year period. The case is being funded by Bench Walk Advisors, a firm specializing in backing lawsuits.