Mastercard and Visa are facing a claim worth more than £4 billion brought by a representative of the group on behalf of businesses across the UK, including hundreds of agricultural and farming businesses.

The Competition Appeal Tribunal recently gave the green light to class action that could compensate companies for illegal multilateral interchange fees (MIF) set by Mastercard and Visa that applied to commercial card transactions in the UK.

The lawsuit alleges that businesses that received commercial card payments paid fees much higher than they should have been, causing them significant losses.

The Competition Appeal Tribunal (the “Court”) ordered that the claims, brought by the Group Representatives, Commercial and Interregional Card Claims I & II Limited, be certified, allowing the Group Representatives to seek compensation for the companies of all over the UK for illegal tariffs. they paid.

The Court has set a deadline for participating in these claims and businesses are encouraged to register their interest now at the claim website keep informed about the progress of the process and, if successful, claim your share of any compensation awarded.

© Harcus Parker

In response to the Court’s ruling, Jeremy Robinson, partner at Harcus Parker Limited, representing the group’s representatives, said: “We welcome the opportunity to hold Mastercard and Visa accountable for imposing multilateral interchange fees at an illegally high level and causing substantial losses to the United Kingdom. businesses, including many in the agricultural and agricultural sectors.

“Large farms that accept commercial card payments are likely to have been significantly affected and could be entitled to large compensation.

“Likewise, we anticipate that many small and medium-sized family farms and agricultural businesses will be entitled to compensation under our claim.

“We are pleased that this important claim will now proceed despite attempts by Mastercard and Visa over the past two years to deny thousands of UK businesses a direct and effective route to justice through the Competition Appeal Tribunal.

“Although in relation to different types of MIF, both the UK Supreme Court and the EU Court of Justice have condemned similar practices carried out by Mastercard and Visa.

“Holding global corporate giants accountable through class-action litigation is the best way to ensure that companies like Mastercard and Visa do not continue to impose unfair charges on companies.”

Stephen Allen, director of Group Representatives added: “We are fighting to ensure that businesses and organizations across the UK economy receive adequate compensation from Mastercard and Visa for their illegal multilateral interchange fees.

“MIFs act as a tax on businesses, increasing the fees businesses have to pay their banks for accepting commercial card transactions.

“These claims seek to recover losses that businesses have suffered as a result of Visa and Mastercard’s practices and highlight the need to abolish such practices.

“UK businesses in the farming and farming sectors have been particularly hard hit by the Mastercard and Visa multilateral interchange fees and we hope this statement will help the farming community in these difficult economic times.”

Businesses pay MIF through fees they pay to their banks (known as acquiring banks) when accepting a commercial card transaction.

The losses suffered by businesses across the UK are significant and are estimated to be at least $4 billion.

If you know your business takes commercial card payments, or would like to confirm if it does, visit the claims website today, register and find out.

For more information about opt-in and opt-out class action claims, visit businesscardclaim.co.uk.

The proposed Class Representatives are led by Stephen Allen, an experienced travel industry executive with in-depth knowledge relevant to many potential claimants. Mr. Allen is supported by an advisory panel with diverse legal and industry experience.