Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Fintech PR

Harcus Parker: Mastercard and VISA will face multi-billion pound lawsuits over multilateral interchange fees on UK businesses

Published

on

harcus-parker:-mastercard-and-visa-will-face-multi-billion-pound-lawsuits-over-multilateral-interchange-fees-on-uk-businesses
  • The Class Representatives are seeking damages from Mastercard and VISA of over £4 billion on behalf of businesses across the UK.
  • The Competition Appeal Tribunal has given the go-ahead for the collective action that could see businesses compensated for the unlawful multilateral interchange fees (“MIFs“) set by Mastercard and VISA that applied to transactions involving commercial cards in the UK. The claim alleges that businesses that received payments by commercial cards paid fees much higher than they should have been, causing them significant losses.
  • The claim period runs from June 2016 to June 2022, with damages continuing to accrue until the date of judgment or settlement. If you think your business received payment by commercial card in that time, you could be included in these proceedings.

LONDON, Sept. 4, 2024 /PRNewswire/ — The Competition Appeal Tribunal (the “Tribunal“) ordered that the claims, brought by the Class Representatives, Commercial and Interregional Card Claims I & II Limited, be certified, enabling the Class Representatives to seek compensation for businesses across the UK for the unlawful fees they paid.

The Tribunal dismissed Mastercard’s and VISA’s objection to the claims being certified, ruling that the cases can proceed as collective actions.

A deadline for involvement in these claims has been set by the Tribunal and businesses are encouraged to register their interest now to stay updated on developments in the proceedings and, if successful, to claim their share of any damages awarded.

For more information about the opt-in and opt-out collective claims, visit commercialcardclaim.co.uk.

Responding to the Tribunal’s judgment, Jeremy Robinson, a partner at Harcus Parker Limited, representing the Class Representatives said: 

“We welcome the opportunity to hold Mastercard and VISA to account for imposing multilateral interchange fees at an unlawfully high level and causing substantial loss to UK businesses. We are pleased that this important claim will now proceed despite Mastercard and Visa’s attempts over the last two years to deny thousands of UK businesses a straightforward and effective route to justice through the Competition Appeal Tribunal.

Although in relation to different types of MIFs, both the UK Supreme Court and the Court of Justice of the EU have condemned similar practices engaged in by Mastercard and Visa. Holding global corporate giants to account through class action litigation is the best way to ensure the likes of Mastercard and Visa do not go on imposing unfair charges on businesses.”

Stephen Allen, the director of the Class Representatives said:

“We are fighting to ensure businesses and organisations across the UK economy are properly compensated by Mastercard and Visa for their unlawful multilateral interchange fees.

MIFs operate like a tax on business, increasing the fees businesses have to pay to their banks for accepting commercial card transactions. These claims seek to recover the losses businesses have suffered as a result of Visa and Mastercard’s practices and highlight the need for such practices to be abolished.

UK businesses in the travel, hospitality, and retail sectors have been particularly hurt by Mastercard’s and Visa’s multilateral interchange fees and we are delighted that this claim has been endorsed by leading trade bodies including UK Hospitality and the Association of British Travel Agents (ABTA).”

Advertisement

MIFs are paid by businesses through fees paid to their banks (known as acquiring banks) upon the acceptance of a commercial card transaction. The losses suffered by businesses throughout the UK are significant, estimated to be at least $4 billion.

If you know your business receives payment by commercial cards, or you would like to confirm whether your business does, then visit the claims website today, register, and find out.

For more information about the opt-in and opt-out collective claims, visit commercialcardclaim.co.uk.

View original content:https://www.prnewswire.co.uk/news-releases/harcus-parker-mastercard-and-visa-will-face-multi-billion-pound-lawsuits-over-multilateral-interchange-fees-on-uk-businesses-302237105.html

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Vantage to Showcase Innovation at iFX EXPO Dubai 2025

Published

on

vantage-to-showcase-innovation-at-ifx-expo-dubai-2025

PORT VILA, Vanuatu, Jan. 10, 2025 /PRNewswire/ — Vantage Markets, a leading multi-asset trading platform, is set to make a significant impact at the upcoming iFX EXPO Dubai 2025, scheduled for January 14-16 at the Dubai World Trade Centre. As an Elite Sponsor, Vantage is poised to showcase its latest innovations and commitment to empowering traders worldwide.

In a recent exclusive interview, Souhail Fadlallah, Business Development Manager at Vantage, shared insights into the company’s objectives for the expo and the value it aims to deliver to attendees.

Fadlallah emphasized Vantage’s dedication to providing traders with tools and resources designed to enhance their trading experience. Attendees visiting Vantage’s booth can expect to discover the latest advancements in trading platforms, including features aimed at streamlining user experiences and optimizing performance.

Beyond technology, Vantage is committed to offering advanced educational resources. Fadlallah highlighted the company’s suite of learning tools that provide traders with valuable insights and training materials to sharpen their skills and achieve success in the financial markets. Additionally, Vantage’s robust affiliate and partner programs are designed to drive mutual growth and success, reflecting the company’s dedication to creating value for its partners.

For Vantage, participation in iFX EXPO Dubai 2025 is about more than showcasing its offerings; it’s about building trust and fostering meaningful connections. Fadlallah stated, “We want attendees to leave iFX EXPO Dubai with the clear message that Vantage is more than just a trading platform. We’re a partner deeply committed to innovation, transparency, and the success of all our clients.”

Vantage invites all attendees to visit their booth at the iFX EXPO Dubai 2025 to explore their offerings and engage with their team of experts. The event promises to be a hub of innovation, insights, and empowerment in trading.

For more information about Vantage and their participation in iFX EXPO Dubai 2025, visit Vantage Markets.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.

Advertisement

trade smarter @vantage

RISK WARNING: CFD trading carries significant risks. You could lose more than your initial investment.

Photo – https://mma.prnewswire.com/media/2595278/Vantage_Showcase_Innovation_iFX_EXPO_Dubai_2025.jpg
Logo – https://mma.prnewswire.com/media/2506103/Vantage_15_Logo_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/vantage-to-showcase-innovation-at-ifx-expo-dubai-2025-302347838.html

Continue Reading

Fintech PR

AZZURRI GROUP LAUNCHES ITS 2024 SUSTAINABLE DINING REPORT AND ACHIEVES FURTHER REDCUTIONS IN CARBON EMISSIONS

Published

on

azzurri-group-launches-its-2024-sustainable-dining-report-and-achieves-further-redcutions-in-carbon-emissions
  • Market-leading operator of ASK Italian, Zizzi and Coco di Mama launches third annual Sustainable Dining Report revealing it reduced its GHG emissions intensity by 7% in 2024 which was delivered against an expanding restaurant portfolio
  • Reduction in operational emissions driven by 1.3 million kHh less electricity consumed, equivalent to serving 1.9 million pizzas annually
  • Partnering with like-minded suppliers delivered carbon reductions in the Group’s value chain, for instance, the introduction of Wildfarmed flour at ASK Italian helped cut the business’ dough footprint by 50%
  • Amidst a period of growth, the Group opened three more SKA Gold certified restaurants, ensuring key sustainability metrics are met when opening and refurbishing restaurants across the portfolio
  • The Group also continues to be invested in supporting communities by donating and redistributing over 250,000 meals to local communities since 2022

LONDON, Jan. 10, 2025 /PRNewswire/ — Azzurri Group, the hospitality platform investing in leading businesses including ASK Italian, Zizzi and Coco di Mama, today launches its fourth annual Sustainable Dining Report.

During FY24, the company delivered a strong financial performance, opening additional restaurants, expanding retail offerings and growing its portfolio with Boojum, Dave’s Hot Chicken and Openr.

During this period of growth, Azzurri Group achieved a reduction in total carbon emissions across its core businesses. This reduction was achieved both in absolute terms and an even greater intensity reduction of 7% (tCO2e/ £1m turnover), building on last year’s reported year-on-year reductions of 9.7%. This progress demonstrates Azzurri’s commitment to becoming a net zero business by 2040 and a reflection of how the business is integrating responsible stewardship at every level of its operations.

Restaurants are continuously monitored and incentivised on energy efficiency. Innovative behavioural campaigns were at the heart of the electricity reduction achieved in FY24. The Group also continues to work on its Scope 3 emissions hot spots and to devise strategies to reduce related emissions by constantly reviewing food offering and partnering with like-minded businesses. ASK Italian’s partnership with regenerative flour producer Wildfarmed is an example of a collaboration that allows the brand to offer a fantastic tasting product while reducing carbon emissions.

Linking performance with lower carbon emissions is also key to the Group’s design and construction strategy. The Group has opened three more sites with a SKA-Gold certification, a rigorous third party verified assessment aiming to promote environmental best practices within building fitouts. Zizzi Bridgend, Ask Italian Merry Hill and Zizzi Chatham were amongst the latest to achieve the accolade.

The Group also remains focussed on our communities. It made fast progress on its goal of donating half a million meals by 2030, already having donated and redistributed over 250,000 meals since 2022. This has been possible thanks to a range of strategies, such as Coco Di Mama’s committed to redistributing surplus food with food banks with Olio’s support and Ask Italian’s donations to FareShare and local food banks.

The 2024 Sustainable dining report captures the above and shares further details on the Group’s progress against its Responsible Business Goals and how these contribute to wider topics, such as the United Nation’s Sustainable Development Goals.

Steve Holmes, Chief Executive Officer of Azzurri Group, commented:

“Since we defined our purpose, mission and values back in 2021, our commitment to being a more sustainable business has grown year on year.

I am proud to see our teams lead with collaboration, innovation and dedication, embedding ESG into their day-to-day operations. This approach has meant sustainability is now woven into our decision making and the way we operate. Ultimately, this has strengthened our business, making us more resilient and more adept at building better food businesses.

I’m grateful to our teams who have embraced the opportunity to be a better business for our people and planet. Whether it’s through the 500 volunteer hours we have contributed since 2021, or our collective efforts to reduce carbon emissions across operations and supply chains, our teams have risen to the challenge to make sustainability happen across our business.”

Advertisement

View original content:https://www.prnewswire.co.uk/news-releases/azzurri-group-launches-its-2024-sustainable-dining-report-and-achieves-further-redcutions-in-carbon-emissions-302347377.html

Continue Reading

Fintech PR

Vietnam’s Youth Rally Behind Blockchain: KuCoin Reveals Groundbreaking Insights at VTIS 2024

Published

on

vietnam’s-youth-rally-behind-blockchain:-kucoin-reveals-groundbreaking-insights-at-vtis-2024

HANOI, Vietnam, Jan. 10, 2025 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to share the findings from its second edition of the KuCoin Campus Survey, conducted during the Vietnam Technology & Investment Summit (VTIS) 2024. With 926 participants surveyed from December 3rd to December 4th, 2024, the results underscore the vibrant interest in blockchain technologies among Vietnam’s youth, reinforcing KuCoin’s commitment to nurturing this vital market.

The survey, a key initiative under KuCoin Campus, highlights a strong, positive sentiment towards cryptocurrencies, with 92% of participants optimistic about the future of digital assets. Remarkably, 82% of respondents are considering blockchain-related careers, signaling a burgeoning talent pool eager for development and opportunities within the industry.

Vietnam’s strategic importance to both KuCoin and the broader crypto community is evident as 68% of participants expressed a “very high interest” in blockchain, making it a critical hub for crypto innovations and community engagement. Additionally, 73% of respondents currently hold cryptocurrencies, demonstrating a mature market ready for further expansion and adoption.

The survey also uncovered a significant inclination towards diverse blockchain roles, with data analysis (24%), marketing (22%), and business development (21%) being the most coveted. These insights are invaluable as they highlight the areas of highest potential and interest among the future workforce.

Vietnam has been and will continue to be a key market for us,” said Alicia Kao, the Managing Director of KuCoin. “As the People’s Exchange, we are committed to empowering and equipping this new generation with the tools they need to succeed in the evolving digital landscape.”

View the full report here (EN version, VN Version), or visit KuCoin’s official website for further information.

About KuCoin

Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.

Photo – https://mma.prnewswire.com/media/2595229/image_5002362_11273757.jpg
Logo – https://mma.prnewswire.com/media/2356857/5109491/KuCoin_Horizontal_Green_LOGO_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/vietnams-youth-rally-behind-blockchain-kucoin-reveals-groundbreaking-insights-at-vtis-2024-302347817.html

Continue Reading

Trending