Business · 2 hours ago
Lawyers launch a £5bn claim against Visa and Mastercard for overcharging businesses
VulcanSphere via Wikimedia Commons (CC-BY-4.0)
Up to one million smaller companies and charities could automatically get several thousands of pounds in compensation. Two legal firms have asked a London tribunal to approve the group action, arguing both payment giants artificially inflated transaction costs since October 2020. Mastercard rejected the accusations as opportunistic, while Visa insisted its charges are essential for keeping digital payments secure.
Reported by The Guardian · How we write briefs