© Reuters.
Scott Kanowski
Investing.com — Mastercard (NYSE:) and Visa (NYSE:) are facing a series of potential threats as the London-based law firm prepares to bring a massive class action lawsuit on behalf of UK companies. It faces legal claims worth billions of pounds, Sky News reported on Tuesday.
The outlet said commercial litigation firm Harcus Parker is about to file what it believes could be one of the largest competition compensation claims in UK history.
The filing alleges that the two payment giants overcharged companies for multilateral exchange fees, or what they would pay banks to accept purchases made with credit or debit cards. Instead, it will argue that Mastercard and Visa imposed these fee levels on banks as a condition of doing business with them.
Sources cited by Sky News say the lawsuit could be worth at least £7.5 billion (£1 = $1.2089), but could eventually double that. Harcus Parker declined to comment on the report.
Mastercard and Visa have previously settled similar lawsuits related to overcharging interchange fees. The two declined to comment on him for Sky News.