The Competition Appeals tribunal has today ruled that a consumer class action claim against the interchange fees paid as part of the MasterCard scheme cannot go ahead. The class action, which would have included 46 million consumers claiming a total of £14bn in damages, was said to have not met the requirements for the claim to continue. In particular, the court agreed with MasterCard that there was no plausible way of approximating the actual loss suffered by any individual within the consumer class action, and that the claims were not suitable to be brought in collective proceedings.
Both MasterCard and Visa continue to face damages claims from retailers over the amount paid in interchange fees. Further judgments on retailers’ claims are expected in the coming months.
Frontier Economics regularly advises clients on competition matters relating to interchange fees.
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