Mastercard and Visa are preparing for the fact that in the near future, they will once again have to become defendants in the proceedings in the framework of a multibillion-dollar lawsuit on the fact of fees for multilateral exchange (MIFs).
Source: Pixabay.com
The upcoming trial will take place in the UK. The local law firm Harcus Parker, which specializes in resolving issues related to commercial disputes, intends to file a lawsuit with the Competition Court of Appeal (CAT) on behalf of British firms. This lawsuit will be filed in a case in which compensation in the case of an appropriate decision of the judge may amount to more than 7.5 billion pounds.
Representatives of the law firm intend to provide evidence during the trial that Visa and Mastercard determine the number of exchange fees, focusing not on market circumstances, but on their own benefit contrary to objective factors.
Thomas Ross, a partner of Harcus Parker, said that these fees are illegal, and the practice of charging should be abolished. He also noted that the law firm acts in the interests of small and medium-sized enterprises in the UK.
Companies whose annual turnover before the coronavirus pandemic was less than 100 million pounds will be included in the application automatically. But these firms may declare their refusal to participate in the trial planned by lawyers. Companies with higher annual turnover figures will have to register to participate in the announced proceeding.
Last year, Harcus Parker filed a lawsuit of similar content against Visa and Mastercard. Then the firm demanded compensation from companies that charged MIFs for accepting payments using corporate credit cards.
Mastercard will also have to participate in the trial on the fact of another lawsuit, which is a collective one. This £14 billion lawsuit was filed due to exchange fees on behalf of British buyers.
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