Application made for group claim seeking compensation for companies for alleged overcharging on customer card payments

Visa and Mastercard are being threatened with a potential £5bn lawsuit for allegedly stifling competition and charging UK businesses excessive fees.

The law firms Harcus Parker and Hausfeld have lodged an application at the Competition Appeal Tribunal in hopes of pursuing a group claim that would compensate companies who, they claim, have been overcharged on customer card payments since October 2020.