Cayman Islands, Caribbeanand International News
Tuesday, Mar 28, 2023

British, American Retailers Join Court Battles Against Visa, MasterCard Over Transaction Fees

British, American Retailers Join Court Battles Against Visa, MasterCard Over Transaction Fees

Earlier, the e-commerce giant, Amazon stopped accepting payments from Visa cards in the UK citing "high fees" of the financial services corporation. Visa condemned the decision accusing the company of "restricting consumer choice".

Several global fashion retailers have filed legal complaints against the world's two major financial services companies over their fees for card payments. Among them are UK-based AllSaints and Superdry, as well as American Levi, The Telegraph reported citing UK High Court writs.

The companies reportedly accuse Visa and MasterCard of breaching competition laws with their high fees, and seek compensations for their losses. The fashion retailers thus joined around a dozen companies that seek to hold the two global credit cards operators accountable for high fees. Among other complainants are British supermarket chains Asda, Morrisons and Sainsbury’s.

One of them, Sainsbury’s, reportedly reached an out of court settlement with MasterCard, but continues litigation against Visa. The latter rejects claims for compensations for high fees.

"Visa considers all claims relating to interchange to be without merit and will be vigorously defended".

MasterCard, in turn, suggested that complainants benefited greatly from the services the company provides for the card holders and suggested that the retailers should adapt their businesses to deal with ongoing economic challenges.

"We firmly believe that retailers of all sizes derive real value from our network and we are committed to supporting our retail partners to adapt and grow their businesses through this challenging time," MasterCard said in a statement.

The series of lawsuits follows a major conflict between Visa and the e-commerce giant Amazon. The US company recently announced that it will stop accepting payments from Visa cards issued in the UK citing "high fees". The e-commerce giant challenged Visa's practice of charging additional fees for protection against fraud, since the company has its own mechanism of combating it. Amazon apologised for the inconvenience and offered its customers discount coupons for their next purchase with another payment method.

Amazon also said it is considering dropping out of a joint project with Visa that issued co-branded cards in the US.

Visa condemned Amazon's decision as "odd" and "unfortunate", accusing the e-commerce giant of "restricting consumer choice".


Related Articles

Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
UK: Humza Yousaf replaces Nicola Sturgeon as SNP leader and first minister in Scotland
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History