On 17 June 2020, the UK Supreme Court dismissed Mastercard and Visa’s appeal against a 2018 ruling by the Court of Appeal of England and Wales and ruled that their multilateral interchange fees (“MIFs”) unlawfully restricted competition. The Supreme Court’s ruling potentially exposes Mastercard and Visa to further damages claims from retailers. The case follows a European Commission decision from 2007 finding that Mastercard’s MIFs, which are charged between a retailer’s and card issuer’s banks when a purchase is made, breached antitrust rules and were illegally high for more than 15 years.
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The UK Supreme Court dismisses an appeal concerning the two largest payment processing networks on the basis that their multilateral interchange fees restricted competition (Sainsbury’s / Visa / MasterCard)
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