04:00 AM EDT, 05/06/2024 (MT Newswires) -- Luxury brands empire LVMH has launched a series of legal complaints against Mastercard ( MA ) and Visa (V) in Britain's High Court, The Telegraph reported Saturday.

Details of the cases have not yet been made public. However, the reported legal action comes as retailers such as LVMH, owner of Louis Vitton and other brands, complain that they are being overcharged by the payment processing companies and being forced to pass on the expenses to consumers, the news outlet said.

LVMH operates the Sephora cosmetics store chain and a collection of brands that include Tiffany, Christian Dior, and Bulgari. It is controlled by French billionaire Bernard Arnault, according to the report.

LVMH, Mastercard ( MA ), and Visa did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 445.00, Change: +1.42, Percent Change: +0.32