Visa and Mastercard's Fees Ruled Anti-Competitive, Both Plan Appeal
A London tribunal has ruled that Visa and Mastercard's default multilateral interchange fees infringe competition law. This decision follows lawsuits brought by hundreds of merchants against the two companies. Both Visa and Mastercard intend to seek permission to appeal the decision.
The tribunal found that Visa and Mastercard's commercial card and inter-regional multilateral interchange fees violated competition law for the first time. David Scott of Scott+Scott, representing the claimants, hailed the ruling as 'a significant win' for merchants. A further trial is pending to determine if any overcharge was passed on to customers.
The party seeking permission to challenge the tribunal's decision regarding Visa and Mastercard's standard multilateral interchange fees is yet to be explicitly identified.
Visa and Mastercard's default multilateral interchange fees have been found to infringe competition law. Both companies plan to appeal the decision. A follow-up trial will explore if customers were overcharged.
Read also:
- State Supreme Court Rules in Favor of Hogg Hummock Residents, Referendum on Zoning Change to Proceed
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Budget discrepancy jeopardizes highway projects' financial support
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy