It is the first group interchange claim to have settled in the UK.
LONDON, 20 December 2023: Over 700 businesses funded by Therium will receive compensation from Mastercard and Visa following the negotiation of a settlement in relation to interchange litigation.
The claimants were seeking damages for losses alleged to have been caused by infringements of domestic and European competition law in relation to the setting and implementation of multilateral interchange fees (MIFs) and a declaration as to the unenforceability of the MIFs.
The majority of the claimants are UK retailers, with some local authorities and universities in addition.
These claims have been fully funded by Therium since the claim was launched in May 2017, allowing companies to join the claim without needing to incur ongoing costs of the litigation. The group of claimants was represented by law firm Humphries Kerstetter.
Fred Bowman, Senior Investment Manager at Therium Capital Management said: “Therium is proud to have provided the funding that enabled the claimants to take legal action against such well-resourced defendants. This result demonstrates the important role of litigation finance and we are very happy to have supported the claimants in this long-running litigation.”
These claims form part of a broader group of interchange-related claims, which are currently being managed together in the Competition Appeal Tribunal in the UK in the Merchant Interchange Umbrella Proceedings. The first in a series of trials is set to commence in February 2024.
About Therium Capital Management
Therium is one of the world’s largest and most established global litigation finance and arbitration finance firms, having raised over $1 bn since 2009. With investment teams in the UK, USA, Australia and Germany. Therium has funded litigation and arbitration claims exceeding $40 billion including many of the largest and most high profile funded cases in the UK and internationally, including arbitrations under rules of the LCIA, ICC, UNCITRAL, LMAA, AAA, CIETAC, ICSID, Stockholm Chamber of Commerce and the Energy Charter Treaty. Therium has been Top Ranked by Chambers and Partners and Leaders League with investment officers across the UK, Europe, USA and Asia Pac recognised as leading individuals in litigation finance.
In 2019 to mark the firm’s tenth anniversary, Therium Access was launched as a not-for-profit venture to fund a wide range of access to justice projects and cases – supporting the most vulnerable in our society and helping to bridge the widening justice gap. With its own board composed of eminent figures from the legal community and a dedicated grants officer, Therium Access has made over £1.3 m in financial commitments over the last 18 months to over 26 different organisations. As the first initiative of its kind, Therium has been shortlisted for several awards for launching this ground-breaking initiative, including the FT Innovative Lawyer Awards 2019, The Lawyer Awards 2021 and the Lexis Nexis Awards 2020 and 2022.
As a founding member of the ALF, ILFA and the Litigation Funding Working Group, Therium is committed to shaping the future of legal finance and setting high standards for the industry.
Desiree Maghoo, Questor Consulting
+44 (0)77722 55740
Sophie Mills, Questor Consulting
+44 (0)79714 06258