MasterCard defeats UK litigation claim regarding interchange fees for payment card transactions
Clients MasterCard International
Jones Day client MasterCard Incorporated has defeated a lawsuit brought by various UK retailers seeking £450m in damages for losses allegedly suffered as the result of MasterCard's arrangements for setting default interchange fees on payment transactions. The High Court of England and Wales ruled on January 30, 2017 (2017 EWHC 93 (Comm)) that the interchange fees were legal under EU and English law.
This lawsuit is one of a number of separate (but similar) sets of proceedings spanning the UK's Commercial Court, Chancery Division, and Competition Appeal Tribunal. It was brought by twelve well-known UK retailers. The various claimants against MasterCard have together asserted claims for in excess of £2bn, and allege that the MasterCard arrangements infringed both European and domestic (including English) competition law.