Mastercard and Visa are set to face yet another multi-billion-dollar lawsuit in the UK over Multilateral Interchange Fees (MIFs), according to Sky News.
Commercial litigation law firm Harcus Parker is set to file a claim at the Competition Appeal Tribunal (CAT) on behalf of UK businesses in a case that could seek at least £7.5 billion in damages. The law firm will argue that interchange fees are set by Visa and Mastercard, not market forces.
Thomas Ross from Harcus Parker said: “These charges are illegal and should be scrapped.” Mastercard is also facing a USD 14 billion class action lawsuit over interchange fees brought on behalf of UK shoppers.
Read more: Mastercard and Visa to face another card interchange class action suit
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