Law firm Stephenson Harwood LLP has negotiated a confidential settlement on behalf of more than 1,800 corporate claimants with Visa in the long-running interchange fee litigation. This follows a six-week liability trial in early 2024 and a trial of pass-on issues taking place over seven weeks between November 2024 and April 2025 in the Competition Appeal Tribunal. The proceedings are novel in several respects, involving the making of the first umbrella proceedings order in the United Kingdom, and the adoption by the CAT of an unusual issues based approach to the case management of the litigation which saw the quantum issue of pass-on being heard across both the merchant proceedings and the Merricks consumer class action before the resolution of exemption under Art 101(3) TFEU, the trial of which issue has yet to be listed.
The confidential settlement with Visa follows on the heels of a settlement with Mastercard in June 2024.
As other claims remain active in the merchant umbrella interchange proceedings, the litigation will continue despite the Stephenson Harwood claimants' settlement with both card schemes, with judgments on liability issues from Trial 1 and on pass on issues from Trial 2 being awaited.
Lead Partner Genevieve Quierin said: "We are delighted to have achieved a settlement on behalf of our clients in these hard fought proceedings".
The team was led by Partner Genevieve Quierin, supported by Donna Newman and Trudy Feaster-Gee alongside a large team of associates led by Managing Associates Adam Polonsky and Chris Pettett.
