Merchant Interchange Fee Umbrella Proceedings [2026] CAT 11 (18 February 2026)

The Tribunal found that the interchange fee arrangements constituted anti-competitive conduct under both UK and EU law, resulting in merchants paying higher fees. The respondents failed to demonstrate objective justification or pro-competitive benefits sufficient to outweigh the anti-competitive effects.

Citation: [2026] CAT 11
Parties: Applicant: Various Merchants; Respondent: Mastercard Incorporated; Respondent: Visa Europe Services LLC
Jurisdiction: United Kingdom
Judgment Date: 18 February 2026
Procedural Posture: Competition Appeal / Final Judgment
Outcome: Judgment for applicants
Legal Topics: Interchange Fees, Antitrust, Umbrella Proceedings

Competition Law Commercial Law Interchange Fees Antitrust Umbrella Proceedings

Case Brief

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Full judgment text Downloadable case file Legal principles 2 Authorities cited 4 Party arguments 2 Amounts and remedies 1

Parties

Various Merchants

Applicant

Mastercard Incorporated

Respondent

Visa Europe Services LLC

Respondent

Procedural Posture

Competition Appeal / Final Judgment

Legal Issues

1 Whether the setting of merchant interchange fees by Mastercard and Visa constituted anti-competitive conduct under UK and EU competition law
2 Whether merchants are entitled to damages for alleged overcharges resulting from anti-competitive practices

Ratio Decidendi

Court Disposition

Judgment for applicants

Orders

Respondents to pay damages to applicants, quantum to be determined in subsequent proceedings
Respondents to cease anti-competitive interchange fee practices