Commercial Court awards Visa indemnity costs
On Tuesday 11 November 2014, the Commercial Court refused a group of twelve high street retailers permission to appeal the summary judgment ruling, recently granted in Visa’s favour in the interchange fees litigation. That judgment struck out over 30 years of potential damages, totalling over £500m (see earlier press release).
Mr. Justice Simon went on to order the retailers to pay Visa’s costs of the application on an indemnity basis, with an interim up-front payment of 70%. In his view, it ought to have been known that the claims brought in respect of the extended limitation period prior to 2007 were bound to fail. The claimants had tried their luck with a hopeless case and that unreasonable behaviour was a highly significant matter to be taken into account under CPR Part 44.4.
Anneli Howard (instructed by Linklaters LLP) acted for the successful Applicants, Visa Europe a.o., the Third to Fifth Defendants in the claims.