Following a six-week trial held in 2024, the UK Competition Appeal Tribunal issued a judgment on June 28, 2025, siding with merchants challenging multilateral interchange fees assessed by Mastercard and Visa. The Tribunal found that all the interchange fees at issue, for UK and Irish domestic, intra-European (EEA), and interregional transactions, and for commercial cards in addition to consumer cards, infringed relevant competition law by object prior to applicable regulation and by effect thereafter.
The ruling opens the door for the merchants to seek damages for statutory breaches. The decision marks a significant milestone in ongoing claims involving thousands of merchants seeking compensation for excessive transaction charges.
Coherent Economics Chairman and Founder Dr. Alan Frankel provided expert evidence at trial regarding the anticompetitive purpose and effects of interchange fees. Dr. Frankel was supported in this matter by a team of professionals at Coherent Economics including Dr. Vivek Shah and others.
Coherent was engaged by Scott+Scott Attorneys at Law LLP, who represented one of the merchant claimant groups, and worked with Cian Mansfield, Alice Bernstein, Douglas Cambell, and Saphya Caus of Scott+Scott’s London office.
Coherent was engaged by Scott+Scott Attorneys at Law LLP, who represented one of the merchant claimant groups, and worked with Cian Mansfield, Alice Bernstein, Douglas Cambell, and Saphya Caus of Scott+Scott’s London office.