UK law firm Harcus Parker has launched a class action against payments giants Visa and Mastercard. The class action seeks to recover millions of pounds in damages for UK businesses. That has been affected by excessive fees imposed by Visa and Mastercard.
Excessive fees for credit and debit card transactions
Law firm Harcus Parker has brought charges against Visa and Mastercard. Claiming that they have breached EU competition rules by charging excessive fees for credit and debit card transactions.
These transaction fees are imposed on merchants who accept card payments. And are often passed on to consumers in the form of additional fees.
Charges against Visa and Mastercard refer to these transaction fees as “hidden taxes”, as consumers are often not informed of their existence or amount before making a purchase.
The transaction fees charged by Visa and Mastercard have been criticized for their high level. Which can be as high as 2% of the transaction amount. According to Harcus Parker, these fees are far above the actual costs incurred by the companies in processing credit and debit card transactions.
In addition, the charges against Visa and Mastercard claim that they have maintained their dominant position in the card payments market by using these fees to discourage merchants from choosing cheaper alternatives.
Previous class actions brought by Harcus Parker
Harcus Parker is a law firm specializing in class actions, also known as group actions. Which allows a large number of people who share similar injuries to join together to bring a joint legal action.
The firm has launched several notable class actions against large companies. Which includes Volkswagen for the diesel emissions scandal and British Airways for a data breach.
In 2018, Harcus Parker launched a class action against Volkswagen, claiming that the car manufacturer had installed diesel emissions rigging software in its cars.
The class action saw over 10,000 Volkswagen car owners band together. To seek compensation for losses suffered as a result of the company’s fraud. In 2020, Harcus Parker won an £89 million settlement for owners of affected Volkswagen cars.
In 2019, Harcus Parker launched a class action against British Airways, claiming. That the company had been the victim of a data breach. That exposed the personal information of over 400,000 customers.
The class action allowed affected customers to band together. To seek compensation for losses suffered. As a result of the company’s data breach. In 2020, Harcus Parker secured a settlement of £1.8 billion for the affected customers.
The law firm Harcus Parker is famous for its defense of injured consumers. And businesses and has a strong reputation in the field of class action.
Their expertise in this area could be an important asset to consumers seeking compensation for excessive Visa and Mastercard charges.
Online registration to participate in the class action
Harcus Parker encourages all eligible businesses to register online on their website. To participate in the class action against Visa and Mastercard.
Online registration is an important step for companies wishing to participate in the class action. As it allows them to build a database of all potential plaintiffs. And prepare an effective strategy to defend their interests.
Online registration is a simple process. That allows companies to provide basic information. Such as their name, address, and sector of activity. Companies will inform of the next steps in the class action, including hearing dates and important developments in the litigation.
The law firm of Harcus Parker encourages businesses to register. As soon as possible in order to maximize the chances of success of the class action.
The more companies that enroll, the stronger the collective voice will be. And the greater the pressure on Visa and Mastercard to negotiate a favorable settlement for the plaintiffs.
An opportunity for businesses to be heard
This class action represents an opportunity for businesses to make their voices heard and assert their rights. Businesses that ha affected by Visa and Mastercard’s excessive fees now have the opportunity. It is to join together to take collective action and recover millions of pounds in damages.
For businesses, the transaction fees imposed by Visa and Mastercard can represent a significant proportion of their operating costs, which can affect their profitability.
By joining this class action, businesses will be able to combine their resources. And expertise to fight Visa and Mastercard’s excessive billing practices.
Collective action also reduces the individual costs of companies to bring a case. Legal fees and representation costs can be prohibitive for an individual company. But by joining the class action, the costs share among all participating companies, reducing the financial burden for each company.
Ultimately, this collective action represents an opportunity for businesses. To make their voices heard. And fight for their rights as consumers and taxpayers.
By joining together to take collective action, businesses can achieve a more favorable outcome. And obtain compensation for damages suffered. As a result of Visa and Mastercard’s excessive billing practices.
A clear message to big business
By launching this class action against Visa and Mastercard, Harcus Parker is sending a clear message to the big companies. Who is abusing their power to impose excessive charges on businesses and consumers?
This class action represents a unique opportunity for UK businesses to have their voices heard. And to recover millions of pounds in damages.
In conclusion, this class action represents an opportunity for UK businesses to assert their rights and recover the damages to which they have. Visa and Mastercard are facing strong pressure from the law firm Harcus Parker. And participating businesses to reduce the transaction fees they charge businesses.