Latest news with #competitionLaw
Irish Times
08-08-2025
- Business
- Irish Times
State agency Solas faces legal challenge over Safe Pass courses
State training agency Solas is facing legal action from companies who argue that it is breaking competition law by offering Safe Pass courses to builders. Anyone working on a building site in the Republic must have a Safe Pass card, issued by Solas after they complete a recognised safety awareness course, and which they must renew regularly. Solas began offering an alternative Safe Pass renewal course through multinational Pearson in February 2023, angering businesses that provide the same renewal service. Full Circle Safety Ltd, Euro Safety & Training Services Ltd and several individuals have filed proceedings in the High Court alleging that Solas is in breach of competition law by offering its own Safe Pass renewal courses. READ MORE The companies argue that as Solas is acting simultaneously as both regulator and commercial provider of the Safe Pass renewal service, this 'constitutes a conflict of interest'. They add that Solas is undermining 'the integrity of its regulatory function' and distorts the market for renewal courses, disadvantaging the companies and others in the same business. The companies argue that Solas is preventing, restricting or distorting competition in Safe Pass renewal courses by offering the service. They also maintain that the course offered by the State agency does not 'constitute a training programme', according to the regulations governing the scheme. The companies want the High Court to order Solas to stop offering the Safe Pass renewal courses. They are also seeking damages where appropriate. In response, Solas said on Thursday that it was not aware of the proceedings issued by the companies. [ Apple's new investment in US may be just enough to appease Trump, for now at least Opens in new window ] 'Safe Pass training programmes are not delivered by Solas,' the agency said. 'The programmes are delivered by external Solas-approved tutors and training organisations.' The plaintiffs filed their claim with the High Court on August 1st. Solas, established in 2013, is the State agency responsible for overseeing apprenticeships and other vocational training schemes. It also oversees the Safe Pass and safety awareness training programmes and the construction skills certification scheme, needed in posts where safety is critical.
Yahoo
02-07-2025
- Business
- Yahoo
Visa Inc. (V), Mastercard Merchant Fees Infringe Competition Law, UK Tribunal Rules
Visa Inc. (NYSE:V) is among the Goldman Sachs Stock Portfolio: 10 Large-Cap Stocks To Buy. On Friday, a British tribunal ruled that Visa and Mastercard's default multilateral interchange fees charged to retailers breach European competition law. A close-up of a credit card being swiped on a payment terminal, reflecting the company's payments technology. The development comes as the latest round of litigation over multilateral interchange fees, which has rumbled on for decades. David Scott of the law firm Scott+Scott, which represented the claimants, described the ruling as a significant win for merchants. He also said that this was the first time that the two payment processing companies' commercial card and inter-regional multilateral interchange fees were found to infringe competition laws. According to Reuters, Visa Inc. (NYSE:V) disagreed with the decision and has sought permission to appeal against the ruling. A company spokesperson was quoted as saying the following: 'Visa continues to believe that interchange is a critical component to maintaining a secure digital payments ecosystem that benefits all parties, including consumers, merchants, and banks.' While we acknowledge the potential of V as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None.
Globe and Mail
30-06-2025
- Business
- Globe and Mail
Mastercard's Legal Woes Are Growing: U.K. Ruling Raises Red Flags
Mastercard Incorporated MA has been found in violation of European competition law for imposing excessive interchange fees on transactions made using its cards. The U.K.'s Competition Appeal Tribunal ruled that these multilateral interchange fees, paid by merchants' banks to cardholders' banks, restricted competition and lacked objective justification, per Reuters. Visa Inc. V, a major peer, is facing similar allegations. The ruling exposes Mastercard to significant financial liability, as U.K. retailers are now positioned to seek damages. It also sets a legal precedent that may compel Mastercard to revise its cross-border fee structure. Meanwhile, the U.K. Payment Systems Regulator, already concerned about rising card fees, may impose stricter oversight and potentially cap such fees across the industry. While the Tribunal has ruled the fees unlawful, another trial is underway to assess whether merchants passed these costs on to consumers. Both Mastercard and Visa are expected to appeal the decision. If U.K. merchants are awarded damages, both companies could face sizable payouts. In addition, forced reductions in cross-border interchange fees would impact a steady, high-margin revenue stream. The ruling also opens the door to further legal challenges and regulatory scrutiny in other regions, raising legal costs and potentially constraining Mastercard and Visa's global pricing power. Legal and competitive pressures, including the rise of fintech disruptors, may challenge the payments giants' duopoly, but their robust business models and solid profitability remain hard to overlook. In this backdrop, merchant interest in alternatives like stablecoins is likely to grow, especially as consumer crypto wallets become more user-friendly and regulated stablecoins gain traction. Stablecoins offer broad global access, near-instant settlement, and significantly lower transaction fees. As such, companies focused on this medium, like PayPal Holdings, Inc. PYPL, could absorb a growing share of global transaction volume. PayPal launched its stablecoin, PYUSD, in August 2023 in the United States and has already processed select payments using it. In the U.K., PayPal is registered with the Financial Conduct Authority (FCA) as a crypto provider, signaling its readiness to expand. However, actual stablecoin transactions are not yet live in the region. That said, PayPal continues to offer a robust suite of services in the U.K., including online payments, peer-to-peer transfers and a Buy Now, Pay Later option. MA has already launched its Multi-Token Network and piloted USDC settlements to embed blockchain into its payment system. Mastercard's Price Performance, Valuation and Estimates Shares of Mastercard have gained 4.5% year to date, outperforming the broader industry 's 3.2% growth. From a valuation standpoint, Mastercard trades at a forward price-to-earnings ratio of 31.81X, higher than the industry average. Mastercard carries a Value Score of D. The Zacks Consensus Estimate for Mastercard's 2025 earnings implies a 9.5% rise year over year, followed by 16.7% growth next year. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mastercard Incorporated (MA): Free Stock Analysis Report Visa Inc. (V): Free Stock Analysis Report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report
Finextra
27-06-2025
- Business
- Finextra
UK tribunals rules Visa and Mastercard fees breach competition law
The UK's Competition Appeal Tribunal has ruled that Visa and Mastercard's multilateral interchange fees charged to retailers breach European competition law. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The unanimous ruling on linked lawsuits brought by merchants, marks the latest stage in a years-long dispute over card fees retailers pay to the two US payments giants. David Scott, global managing partner, Scott+Scott, which represented the claimants, told Reuters the ruling was "a significant win for all merchants who have been paying excessive interchange fees to Visa and Mastercard". Both firm's intend to appeal. A Mastercard spokesperson told Reuters: "Mastercard strongly disagrees with today's decision, which is deeply flawed, and will seek permission to appeal."
Yahoo
27-06-2025
- Business
- Yahoo
Mastercard, Visa's merchant fees breach competition law, UK tribunal rules
LONDON (Reuters) -Global payments processors Visa and Mastercard's default multilateral interchange fees which are charged to retailers infringe competition law, a London tribunal ruled on Friday in the latest round of the long-running legal saga. London's Competition Appeal Tribunal unanimously ruled that Visa and Mastercard's multilateral interchange fees breach European competition law, in a ruling in linked lawsuits brought by hundreds of merchants. David Scott, global managing partner of law firm Scott+Scott, which represented the claimants, said the ruling was "a significant win for all merchants who have been paying excessive interchange fees to Visa and Mastercard". Both Visa and Mastercard said they disagreed with the decision and intended to seek permission to appeal. A Visa spokesperson said: "Visa continues to believe that interchange is a critical component to maintaining a secure digital payments ecosystem that benefits all parties, including consumers, merchants and banks." "Mastercard strongly disagrees with today's decision, which is deeply flawed, and will seek permission to appeal," a Mastercard spokesperson said in a statement. Litigation over multilateral interchange fees, which are levied on retailers when cardholders make a transaction, has rumbled on for well over a decade in Britain and elsewhere. Scott+Scott said Friday's ruling was the first time that Visa and Mastercard's commercial card and inter-regional multilateral interchange fees had been found to infringe competition law. The liability trial which led to Friday's ruling took place in early 2024. A ruling following a further trial to determine whether any alleged overcharge was passed on by retailers to customers is pending. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
