Mastercard and Visa face proposed £5bn UK claim over interchange fees

Harcus Parker and Hausfeld seek to bring an opt-out claim covering 1m UK businesses, the latest in a run of UK legal and regulatory action on card fees. Visa and Mastercard are facing a proposed £5bn ($6.66bn) collective claim at the Competition Appeal Tribunal (CAT) regarding the interchange fees British businesses have paid on card transactions since October 2020. As reported by The Guardian , law firms Harcus Parker and Hausfeld have filed an application with the tribunal to bring this collective action centring on so-called ‘multilateral interchange fees’ (MIFs).