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Investing.com -- Visa (NYSE:V) and Mastercard (NYSE:MA) default multilateral interchange fees charged to retailers violate competition law, according to a London tribunal ruling on Friday.
The Competition Appeal Tribunal in London unanimously determined that the multilateral interchange fees set by both global payment processors breach European competition law. This decision comes as part of linked lawsuits brought by hundreds of merchants against the payment giants.
"This is a significant win for all merchants who have been paying excessive interchange fees to Visa and Mastercard," said David Scott, global managing partner of law firm Scott+Scott, which represented the claimants in the case.
Both payment processing companies expressed disagreement with the tribunal’s decision. Visa and Mastercard have indicated they plan to seek permission to appeal the ruling.
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