- Retailers, charities, universities, travel and hospitality companies, football clubs and others have already joined the claims.
- The Class Representatives claim damages from Mastercard and VISA on behalf of card-accepting merchants including charities. They allege that businesses overpay interchange fees when customers pay them by commercial card - causing them loss.
- In August 2024, the Competition Appeal Tribunal allowed the class action to progress. It is fully funded, so free to join, and insured against risk.
- The claim runs from June 2016 to date. Damages continue to accrue until the date of judgment or settlement. Plus interest.
- Only two weeks left for larger businesses to 'opt-in'.
LONDON, Jan. 27, 2025 /PRNewswire/ -- Businesses pay MIFs to their banks when they accept customer payments by commercial card. Across the UK, losses are estimated to be at least $4 billion.
The Competition Appeal Tribunal (the "Tribunal") deadline for large businesses to opt in is Monday 10thFebruary 2025. Large businesses are those with average annual turnover of £100m or more between 2016-2019.
Commercial card-accepting businesses below £100m turnover are already included but should still register.
For more information about the claims, visit commercialcardclaim.co.uk.
Stephen Allen, the director of the Class Representatives, said:
"MIFs are like a tax on businesses and charities, increasing the cost of accepting commercial card payments. This claim enables justice for years of being squeezed by these global card schemes.
"The thousands of people who donate online or support UK charity shops will be shocked and disappointed to learn how much money charities have lost because of excessive card fees. We hope Mastercard and Visa will stop punishing charities who accept commercial card payments by removing these onerous fees."
Jeremy Robinson, a partner at Harcus Parker Limited, representing the Class Representatives, said:
"Hundreds of larger UK firms have just 2 weeks left to join this claim and seek their due compensation from Mastercard and VISA.
Class action litigation is the best way to ensure Mastercard and Visa stop these unlawful charges on businesses."
ABOUT THE CLASS REPRESENTATIVES
The Class Representatives are two English-law companies: Commercial and Interregional Card Claims Limited I and II. Both companies are directed by Stephen Allen, an experienced executive in the travel sector, with in-depth knowledge and experience relevant to many potential claimants. Mr Allen is supported by an Advisory Panel with diverse legal and industry expertise.
ABOUT HARCUS PARKER
Harcus Parker is a commercial litigation firm. It specialises in bringing and defending complex claims, often involving large groups of claimants. Founded by Damon Parker in 2019, the firm is a recognised market leader in group litigation, case management and litigation funding.
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