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    UK high street giants sue Visa over rip-off card fees

    This is a discussion on UK high street giants sue Visa over rip-off card fees within the Everyday Life forums, part of the Community channel category; UK high street giants sue Visa over rip-off card fees - Telegraph Sir Philip Green's Arcadia empire, Asda and other ...

    1. #1
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      UK high street giants sue Visa over rip-off card fees

      UK high street giants sue Visa over rip-off card fees - Telegraph
      Sir Philip Green's Arcadia empire, Asda and other big name high street chains are suing Visa to recoup a decade's worth of excess debit and credit card processing fees.

      Court papers emerged yesterday which revealed a consortium of retailers led by Asda had lodged papers against Visa Inc. in the High Court on Tuesday.

      Sources told the Daily Telegraph the retailers, also including Next, B&Q and Debenhams, wanted to recoup payment processing or interchange fees dating back "ten years".



      It follows a settlement in the US last year where Visa and Mastercard agreed to pay US retailers $7.25 billion - the largest anti-trust settlement in US history.


      Wal-Mart, Asda's US owner, were one of those retailers that opposed the settlment.



      The move in the High Court will some of the high street's biggest names against the world's financial sector. Visa is a not-for-profit organisation run by the banks...
      I wonder if we will ever see any of it?


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      Re: UK high street giants sue Visa over rip-off card fees

      Quote Originally Posted by Scubbie View Post
      I wonder if we will ever see any of it?
      It will certainly be a wonder if we do

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      Re: UK high street giants sue Visa over rip-off card fees

      Well, it does go on to say-
      Sources in the banking world said previous experience suggested little of any benefit retailers may gain would be passed back to customers.

      TomD


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      Re: UK high street giants sue Visa over rip-off card fees

      Such a large refund of miney could see some more prices drop in the chains mentioned, but as with all these things, they are not under any obligation to do so.

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