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The law firm Harcus Parker
Harcus Parker, a London-based law firm, has launched a class action against financial giants Visa and Mastercard. The lawsuit seeks compensation for businesses that have been victimised by excessive charges on commercial credit and debit cards.
Read More: How to Start a Class-Action Lawsuit
The class action
The class action was launched by the law firm Harcus Parker on behalf of thousands of European businesses that paid excessive processing fees when using Visa and Mastercard credit and debit cards. These fees were found to be anti-competitive by the European Commission in 2014, but many businesses have yet to receive compensation.
Indeed, the law firm claims that businesses have been the victims of unfair pricing as Visa and Mastercard have charged excessive fees for commercial card transactions. Harcus Parker argues that transaction fees for credit and debit cards were set at a higher level than would have been justified by the actual costs of processing transactions.
A class action is a legal procedure that allows a large group of people or businesses that have suffered a similar injury to join together to sue one or more defendants. It reduces costs for each plaintiff and increases the likelihood of success by combining the resources and evidence of all plaintiffs.
In the case of Harcus Parker, the class action is an effective way for businesses to recover significant amounts of money that they have been unfairly charged. By joining the class action, businesses can obtain compensation without incurring high legal costs.
Who is affected?
The class action launched by Harcus Parker is open to all UK-based businesses that used Visa and Mastercard commercial credit or debit cards between 2012 and 2018. These businesses have been victimised by excessive fees that were charged by Visa and Mastercard, which were deemed anti-competitive by the European Commission in 2014. These fees were set at a higher level than would have been justified by the actual costs of processing transactions. As a result, many businesses have suffered financial losses.
The compensation
Participating businesses can seek compensation for both the excessive fees paid and the losses suffered as a result of those fees. The law firm estimates that these businesses could be eligible for compensation of up to billions of pounds. However, the legal process could take several years before compensation is paid.
It is important to note that businesses that join the class action will need to provide evidence to prove that they have been subject to excessive processing fees. The law firm has set up a website, commercialcardclaim.co.uk, to help businesses join the class action and provide the necessary information.
By participating in class action, businesses can obtain compensation without incurring high legal costs. This is because collective action allows businesses to pool their resources and evidence, reducing costs for each plaintiff and increasing the likelihood of success.
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How to join the class action?
To join the class action, businesses can go to the commercialcardclaim.co.uk website, created specifically by the law firm to help businesses register online. Businesses must provide the necessary information to prove that they have been subject to excessive processing fees. This online registration is quick and easy, and it allows companies to join the class action without incurring high costs to defend themselves.
If the class action is successful, participating companies will be required to pay a 30% commission on the amount recovered as compensation. This fee will be paid to the law firm of Harcus Parker, which led the class action.
A class action is a legal strategy that allows businesses to band together to sue third parties who have caused them harm. This method is often used in cases of unfair trade practices or competition law violations. By pooling their resources, businesses can share the costs of litigation, allowing them to bring a lawsuit even if they cannot afford to do so alone. This method is particularly effective for small businesses that have limited financial resources to meet high litigation costs.
In conclusion, collective action is an effective legal strategy for businesses that have been victimised by unfair business practices or competition law violations. By joining together, businesses can share the costs of litigation, allowing them to bring a lawsuit even if they cannot afford to do so alone. The commercialcardclaim.co.uk website allows businesses to join the class action launched by Harcus Parker against Visa and Mastercard to seek compensation for excessive fees charged on commercial credit and debit cards.