Visa and Mastercard threatened with potential £5bn UK lawsuit over fees
Application made for group claim seeking compensation for companies for alleged overcharging on customer card payments Business live – latest updates Visa…
The Guardian reports: Application made for group claim seeking compensation for companies for alleged overcharging on customer card payments Business live – latest updates Visa and Mastercard are being threatened with a potential £5bn lawsuit for allegedly stifling competition and charging UK businesses excessive fees.
This business story centres on the United Kingdom. Names and organisations mentioned in the coverage include Mastercard, UK and Business.
Why it matters
Moves like this are watched by investors, employers and consumers because of their potential effect on markets and the wider economy.
Key details
- Location
- United Kingdom · Europe
- Reported by
- The Guardian
- First reported
- Key names
- Mastercard, UK, Business, Visa
- Section
- Business
- Figure cited
- The law firms Harcus Parker and Hausfeld have lodged an application at the Competition Appeal Tribunal in hopes of pursuing a group claim that would compensate companies who, they claim, have been overcharged on customer card payments since October 2020. (The Guardian)
Sources
This is an independent summary. Read the full, original reporting from the publisher:
Read the full story at The GuardianSpotted an error? Request a correction · How this summary was produced
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