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UK retailers sue Visa over payment processing fees – report

A consortium of large UK retailers led by American-owned UK supermarket chain Asda has filed a lawsuit against Visa in the UK High Court, the Daily Telegraph reports.According to the same source, the retailers have sued the card giant in a bid to seek reimbursement for payment processing or interchange fees dating back “ten years”. In addition to Asda, the group is also rumoured to include UK clothing retailer Next, DIY and home improvement company B&Q and multinational retail chain & department store operator Debenhams.

The announcement of the court case against Visa comes shortly after the European Commission has published an update to the Payment Services Directive (PSD II) proposing caps on the amounts banks can charge for consumer card payments processing.

In July 2012, Visa together with MasterCard and a number of major US banks (including JPMorgan Chase and Bank of America) agreed to pay over USD 6 billion to a group of US retailers to settle accusations of engaging in anticompetitive practices in payment processing.

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