Harcus Parker, the law firm behind the latest compensation claim against the two payments behemoths, believes it could amount to well over £10bn, Sky News learns.
The global payment giants Mastercard and Visa are facing the latest in a string of multibillion pound competition lawsuits with the launch of a potentially vast class action claim on behalf of British companies.
The filing, at the Competition Appeal Tribunal , will allege that Mastercard and Visa overcharged businesses for so-called multilateral interchange fees , which are paid by businesses to their banks to accept payment by credit or debit card. The claim will argue that these fees are set by Mastercard and Visa themselves, rather than by market forces, and are imposed on banks as a condition of their participation in the two companies' card schemes.
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