Payments News

UK: Mastercard, Visa lose appeal in retailer fees suit

Jul 04, 2018

Credit card companies Visa and MasterCard set fees at an unlawful level that restricted competition, a London appellate court ruled Wednesday. The Court of Appeal confirmed two earlier rulings that the card charges , known as interchange fees, infringed EU competition law reported Bloomberg.

The ruling, which also involved WalMart Stores’ Asda and Wm Morrison Supermarkets, resolved wildly different decisions by judges in the lower courts. The case now goes back to a specialty competition judge to reconsider whether the restrictive practices were justified in the interests of economic efficiency.

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