Mastercard and Visa to be hit with £7.5bn compensation claim

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The global payment giants Mastercard and Visa are facing the latest in a string of multibillion-pound competition lawsuits with the launch of a potentially vast class action claim on behalf of British companies.

Sky News has learnt that Harcus Parker, a London-based commercial litigation law firm, is close to filing what it believes will be among the biggest competition compensation claims in UK history.

 

The filing, at the Competition Appeal Tribunal (CAT), will allege that Mastercard and Visa overcharged businesses for so-called multilateral interchange fees (MIFs), which are paid by businesses to their banks to accept payment by credit or debit card.