Farmers could owe millions to Mastercard and Visa

Mastercard and Visa are facing a claim worth more than £4 billion being brought by a Class Representative on behalf of companies across the UK – including hundreds of farming and agricultural businesses.

The Competition Appeal Tribunal recently gave the green light to the class action which could result in companies being compensated for the unlawful multilateral interchange fees (MIFs) set by Mastercard and Visa that applied to commercial card transactions in the UK Kingdom.

The claim alleges that companies receiving payments with commercial cards were paid fees much higher than they should have been, causing them to suffer significant losses.

The Competition Appeal Tribunal (the “Tribunal”) has ordered that the claims brought by the Class Representatives, Commercial and Interregional Card Claims I & II Limited, be certified, allowing the Class Representatives to seek compensation from UK companies for the illegal fees they paid.

The Tribunal has set a deadline for participation in these claims and companies are encouraged to register their interest now the claims website to stay informed of developments in the proceedings and, if successful, to claim their share of the damages awarded.

Commenting on the Tribunal’s judgment, Jeremy Robinson, a partner at Harcus Parker Limited, who represented the class representatives, said: “We welcome the opportunity to hold Mastercard and Visa to account for imposing multilateral interchange fees at an unlawfully high level and causing significant losses to the United Kingdom. companies – including many companies in the agriculture and farming sectors.

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

“We also expect that many small to medium-sized family farms and agricultural businesses will be eligible for compensation under our claim.

“We are pleased that this important claim is now proceeding, despite Mastercard and Visa’s attempts over the past two years to deny thousands of UK businesses a simple and effective route to justice through the Competition Appeal Tribunal.

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

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

Stephen Allen, the director of the Class Representatives, added: “We are fighting to ensure that businesses and organizations across the UK economy are properly compensated by Mastercard and Visa for their unlawful multilateral interchange fees.

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

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

“UK businesses in the agricultural sector have been particularly affected by the multilateral interchange fees imposed by Mastercard and Visa and we hope this claim will help the farming community in these challenging economic times.”

MIFs are paid by businesses through fees paid to their banks (also known as acquiring banks) upon acceptance of a commercial card transaction.

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

If you know your business receives payments via commercial cards, or would like to confirm if your business does too, visit the claims website today, register and find out.

For more information about the opt-in and opt-out class actions, please visit commercialcardclaim.co.uk.

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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 expertise.