Law firm Harcus Parker has recently filed a class action lawsuit against financial giants Visa and Mastercard.
The lawsuit seeks compensation for businesses that suffered unfair surcharges on credit and debit card payments made between 1992 and 2008.
Illegal surcharges by Visa and Mastercard
The issue of illegal surcharges by Visa and Mastercard has been a long-standing problem for businesses. The payment processing fees imposed by these companies on credit and debit card transactions have resulted in additional costs for businesses, leading to a decrease in profits. Law firm Harcus Parker has taken up the cause and claims that these surcharges were illegally imposed by Visa and Mastercard, resulting in increased profits for these companies at the expense of businesses.
To address this problem, a class action lawsuit was launched in 2016 and is open to all European companies that made credit and debit card payments between 1992 and 2008. This class action is being closely watched by businesses across Europe as it seeks to obtain compensation for excessive fees paid as well as losses suffered as a result of those fees.
A class action open to all European companies
The class action, which is being handled by Harcus Parker, is being fought on behalf of businesses that were affected by the illegal surcharges. If successful, businesses could be eligible for up to several billion dollars in compensation. The compensation will be used to offset the losses suffered by businesses as a result of these illegal surcharges.
While the case is ongoing, businesses affected by the illegal surcharges are urged to join the class action lawsuit to help ensure a successful outcome. The lawsuit is expected to take several years before compensation is paid, but it is a step in the right direction towards holding Visa and Mastercard accountable for their actions and ensuring that businesses are not unfairly burdened with excessive fees.
Harcus Parker, a proven track record in class action cases
Harcus Parker, the law firm leading the class action against Visa and Mastercard, has established itself as a leader in class action lawsuits. The firm has successfully represented thousands of individuals and companies in various class actions, including high-profile cases against industry giants such as Volkswagen and British Airways.
Their experience and success in these types of cases have made them a formidable opponent for Visa and Mastercard in the ongoing legal battle. Harcus Parker is known for its innovative and strategic approach to litigation, and is likely to employ similar tactics in this case to achieve the best possible outcome for their clients.
Significant implications for the credit and debit card payments industry
If the class action is successful, it could have significant implications for the credit and debit card payments industry. The legal action could force Visa and Mastercard to change their business practices and could lead to the introduction of stricter regulations in the industry.
The outcome of the case is likely to be closely watched by other companies and regulators, who may seek to take similar legal action against Visa and Mastercard or other companies in the payments industry. It could also set a precedent for other class actions in Europe and beyond.
Visa and Mastercard have not yet commented publicly on the case, but it is expected that they will vigorously defend themselves against the allegations. If the class action is successful, they may appeal the decision, which could prolong the legal battle for several more years.
Thousands of European businesses support the class action
So law firm Harcus Parker decided to take matters into their own hands and file a lawsuit against Visa and Mastercard on behalf of European businesses that use their credit and debit card services.
The class action was launched in 2016 and since then Harcus Parker has been working hard to gather the necessary evidence to support his case. The case finally went to court in 2020, after the financial giants failed to reach a settlement with the law firm.
The class action lawsuit is backed by thousands of European businesses, which claim Visa and Mastercard illegally charged excessive payment processing fees for years. These fees, known as interchange fees, are charged by the credit and debit card networks to merchants every time a transaction is made with their card.
Interchange fees deemed excessive
Harcus Parker believes that the fees were excessive and that Visa and Mastercard took advantage of their dominant market position to impose these fees on European businesses without their informed consent.
The class action, which could cost the two companies billions of dollars, is currently before the court. The plaintiffs hope that the court will recognise the validity of their claim and that they will be able to recover the money they were unfairly charged.
Ultimately, Harcus Parker’s class action lawsuit against Visa and Mastercard could have a significant impact on the entire electronic payments industry. It could prompt companies to reconsider the fees they charge merchants and ensure that their business practices are ethical and fair.
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Harcus Parker sues Visa and Mastercard for unfair surcharges
