High street retailers take legal action against Mastercard and Visa
27 UK retailers, including well-known high street names, a supermarket chain and other merchants, have launched a new legal action against Mastercard and Visa in a long-running row over processing fees.
Humphries Kerstetter, the law firm representing the group, declined to provide names but said the list includes some well-known retailers, who collectively seek nearly £300 million in damages.
They claim to have lost millions due to the fixing of ‘interchange fees’, which are charged to retailers each time a credit or debit card payment is processed.
A “large number” of other firms are also considering joining the litigation group, added Humphries Kerstetter, which could increase the claims past the £300 million mark.
The new wave of legal action follows a number of similar competition damages cases which have taken place against Mastercard and Visa over the last year.
Last year, Sainsbury’s won an antitrust damages claim against Mastercard after a court ruled its interchange fees were unlawful in the UK and Ireland. Mastercard was ordered to pay Sainsbury’s £68.5m in damages plus substantial interest.
The picture was different for Asda, Morrison, New Look and Next, which launched earlier this year a separate claim that was dismissed.
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