A broad axe falls upon MasterCard and Visa as Supreme Court hands down milestone judgment in interchange litigation
In the recent landmark decision of Sainsbury's v MasterCard,1 the Supreme Court confirmed that MasterCard and Visa's multilateral interchange fees ("MIFs") infringed Article 101(1) of the Treaty on the Functioning of the European Union ("TFEU"). The judgment also establishes the legal test that MasterCard and Visa must satisfy to be exempt under Article 101(3) TFEU, as well as the legal test for establishing pass-on.