Table of Contents
The law firm of Harcus Parker
Harcus Parker is a leading UK law firm specialising in class actions, unfair competition and collective redress. Its lawyers have extensive experience in class actions and complex multi-party litigation.
Indeed, Harcus Parker Law Firm specialises in bringing and defending complex claims, often involving large numbers of claimants. Harcus Parker has engaged the Competitive Economist Group (CEG) as economic experts. Their analysis and evidence will be crucial to Sainsbury’s massive settlement in the 2021 Mastercard trial. In addition, the firm has selected a team of competition lawyers.
Commercial complaint filed to expose Mastercard and Visa
In addition, law firm Harcus Parker has launched a commercial card complaint that could see businesses recover billions of pounds. The complaint concerns the multilateral interchange fees (MIFs) charged by financial giants Visa and Mastercard to merchants’ banks for every credit and debit card transaction.
What is the purpose of this trade complaint for the businesses involved?
MIFs account for the bulk of merchant service fees, which can add significantly to the cost of doing business. Harcus Parker is therefore seeking a full refund of these fees for all businesses that accept card payments using a card reader or card machine.
For some complainants, this could mean tens of millions or more in inflated costs. According to Harcus Parker, if the court rules in favour of the claim, the companies involved are likely to be awarded significant damages.
The value of the claim depends on the type of transaction, the applicable multilateral brokerage fees and the percentage charged. Companies that accepted credit or debit card payments may therefore be eligible for this remedy and recover some of the costs unfairly charged by the financial giants.
Who can join the class action?
If you are a merchant who accepts card payments, you may be able to join the Visa and Mastercard class action lawsuit brought by the law firm Harcus Parker against Mastercard and Visa.
Overall, Harcus Parker’s commercial card claim could be good news for businesses that have been unfairly charged by Visa and Mastercard.
If the lawsuit is successful
Indeed, the ongoing lawsuit against Visa and Mastercard will have significant consequences for the businesses involved. If Harcus Parker and the plaintiffs are successful, it would mean that businesses could recover billions of pounds in refunds for unfairly charged MIFs. This could be a major victory for businesses that have suffered excessive costs as a result of the pricing practices of the financial giants.
If the case is lost
On the other hand, if the case is dismissed, businesses will not be able to recover the costs they believe they have suffered as a result of Visa and Mastercard’s illegal overcharging. This could be a blow to businesses that have already suffered significant financial losses. They will also have to continue to pay excessive fees for debit and credit cards, which could affect their long-term profitability.
In any event, the outcome of the case will have an impact on businesses that accept credit and debit card payments, particularly those that have used business and consumer cards for overseas visitors. Even small Businesses should therefore monitor the case closely and take appropriate action depending on the outcome.
Ultimately, the verdict of the trial will be a significant turning point for the card payments industry, and it is important that all stakeholders, including the businesses involved, pay attention to its outcome.