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Mastercard and Visa face UK corporate card interchange class action suit

Visa and Mastercard are facing a class action lawsuit in the UK seeking compensation for businesses charged Multilateral Interchange Fees (MIFs) for accepting payments using corporate credit cards. ....

United Kingdom , Harcus Parker , Jeremy Robinson , United Kingdom Supreme Court , Multilateral Interchange Fees , Competition Appeal Tribunal , Payment Systems Regulator ,

Global Payments Newsletter, January 2021 | Hogan Lovells

United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances ....

United States , United Kingdom , South Korea , National Bank , Al Qahirah , John Glen , Hogan Lovells , Global Network , Law Commission , Financial Action Task Force , European Union Future Relationship , Israeli Tax Authority , National Payments Corporation Of India , Money Laundering Steering Group , Financial Services Compensation Scheme , European Parliament , European Commission , Payments Infrastructure Development Fund , United Nations , Federal Reserve , European Central Bank , Central Bank , Melinda Gates Foundation , Visa United Kingdom , House Of Commons Eu Scrutiny Committee , Visa Europe Services ,

Merricks v Mastercard – UK Supreme Court Clarifies Low Bar for Class Action Certification | Skadden, Arps, Slate, Meagher & Flom LLP

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On 11 December 2020, the U.K. Supreme Court (the Court) handed down its much-awaited ruling in
Merricks v Mastercard,
2 decision in a 3-2 ruling. The main aspects of the decision are explained below:
This ruling revives the possibility of a claim by 46.2 million individuals in the U.K. for alleged losses spanning over 16 years across all retail sectors in the U.K. economy, valued at £14 billion.
The diversity of the consumers, retail businesses and extent (if any) of passing-on of overcharges to consumers were not necessarily a bar to certification. Rather, the test was whether the class was more suitable for collective proceedings than individual actions, noting the risk that individual claims would be uneconomic. ....

United Kingdom , V Walter Hugh Merricks , English Court , European Commission , Uk Supreme Court Decision , Meagher Flom , Supreme Court , Mastercard Incorporated , Uk Supreme Court The , Appeal Tribunal , Multilateral Interchange Fees , Lord Briggs , Lord Thomas , Lords Sales , Walter Hugh Merricks , United Kingdom Class Actions Back Under , Kingdom Supreme Court Eases Burden , Antitrust Defendants Pleading , Pass On Mitigation , ஒன்றுபட்டது கிஂக்டம் , வ் வால்டர் ஹக் மெர்ரிக்ஸ் , ஆங்கிலம் நீதிமன்றம் , ஐரோப்பிய தரகு , இங்கிலாந்து உச்ச நீதிமன்றம் முடிவு , மிகச்சிறிய ப்லோம் , உச்ச நீதிமன்றம் ,