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The UK’s Competition Appeal Tribunal has ruled that Visa and Mastercard’s multilateral interchange fees charged to retailers breach European competition law.
Editorial
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The unanimous ruling on linked lawsuits brought by merchants, marks the latest stage in a years-long dispute over card fees retailers pay to the two US payments giants.
David Scott, global managing partner, Scott+Scott, which represented the claimants, told Reuters the ruling was “a significant win for all merchants who have been paying excessive interchange fees to Visa and Mastercard”.
Both firm’s intend to appeal. A Mastercard spokesperson told Reuters: “Mastercard strongly disagrees with today’s decision, which is deeply flawed, and will seek permission to appeal.”
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