The court has recently accepted Visa’s submissions that the claimants (a variety of major UK retailers) had enough information to plead their claim for damages before 2007. This litigation concerns alleged breaches of EU, UK and Irish competition law dating back to the 1970s and arises from Visa’s imposition of multi-lateral interchange fees (MIF). The court has struck out that portion of the claim which falls foul of the primary six-year period contained in the Limitation Act 1980.
What this means for you
This is another development in the ongoing series of interchange fee litigation claims which concerns the question of whether MIFs marked an unlawful restriction of competition. The decision will be of interest to all of those that have historically paid or received MIFs. However, with large sums at stake (estimated at £500 million), an appeal is expected.