Listen again · In Conversation
UK businesses seek compensation in proposed £5bn card-fee claim
· 2:51 · Economy and work · With Maya and Omar
Omar is our columnist for the economy and work. Today, we’re looking at a proposed legal claim about card fees paid by UK businesses.
Transcript
Vocabulary in this episode
- legal claim
Today, we’re looking at a proposed legal claim about card fees paid by UK businesses.
A legal claim is a formal request for a court or tribunal to decide a dispute.
- bring a group claim
Omar, two law firms have asked a UK tribunal to let them bring a group claim against Visa and Mastercard.
This means starting one legal case on behalf of many people or businesses with a similar complaint.
- application
Their application was lodged at the Competition Appeal Tribunal.
An application is a formal request made to a court or tribunal.
- multilateral interchange fee
The claim focuses on a type of card fee called a multilateral interchange fee, paid by businesses through their banks when customers use cards.
This is a fee businesses pay through their banks when customers pay by card.
- recover
They want to recover the fees they say businesses were overcharged, along with interest.
Here, recover means get money back, usually through a legal case.
- go ahead
Who could be part of it, if the tribunal allows the case to go ahead?
Here, go ahead means continue or proceed.
- basis of the claim
Mastercard says it strongly disagrees with the basis of the claim.
The basis of the claim is the main reason or argument supporting it.