The UK’s Competition Appeals Tribunal has given the go-ahead for a $4 billion class action lawsuit brought by UK businesses over Mastercard and Visa multilateral interchange fees, according to Finextra.
The claim, claim endorsed by leading trade bodies including UK Hospitality and the Association of British Travel Agents, alleges that businesses that received payments by commercial cards paid fees much higher than they should have been, causing them significant losses.
The Tribunal dismissed Mastercard’s and Visa’s objection to the claims being certified, ruling that the cases can proceed as collective actions. Lawyers representing the plaintiffs are encouraging businesses to register their interest now to claim their share of any damages awarded.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
