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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.

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.

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

To embed, copy and paste the code into your website or blog: 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.

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