One of the largest credit card compensation claims in UK history is about to be launched against Visa and Mastercard.
Claims on behalf of UK businesses, including the travel sector, seeking damages for alleged excessive card fees.
Credit card lawsuits will be submitted to the Competition Appeal Tribunal (CAT).
Commercial litigation law firm Harcus Parker files claims against Mastercard and Visa.
The new claims join claims Harcus Parker filed at CAT last year against corporate and inter-region card fees.
New class acts have the potential to be worth billions.
The claim would state that every business in the UK should be compensated for the overcharging allegations.
These fees – known as Multilateral Interchange Fees (MIFs) – are paid by businesses to their banks to accept payments by debit or credit card.
They are estimated to comprise up to 90% of a typical business monthly bank charge.
“We want to ensure businesses across the UK economy are properly compensated,” said Jeremy Robinson, partner at Harcus Parker.
“This class change will be open to all UK businesses – large and small – that accept Mastercard and Visa.”
It also represents excessive MIF costs, particularly affecting those in the travel and hospitality sectors.
Trade associations already support it including ABTA and UKHospitality