Introduction The U.K. Supreme Court has handed victory to a group of British retailers (the “respondents”) in a long-running dispute with Mastercard and Visa Europe (the “appellants”) finding that the default “multilateral interchange fees” (MIFs) set by Mastercard and Visa and charged by institutions that issue debit/credit cards to customers (the “issuers”) to institutions that provide payment services to merchants (here, the retailers) (the “acquirers”) restrict competition. This judgment (which we previewed in “Competition Litigation Update”) could have significant consequences beyond those involved in the case, including in relation to follow-on damages actions by other claimants (and potential claimants) who may take comfort from this decision. In its judgment, the Supreme Court
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