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Valve faces a £656 million lawsuit in the UK for 'overcharging 14 million PC gamers'
(www.gamingonlinux.com)
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No it's not. This hinges on whether you can sell the generated free Steam keys on other sites for less than the price you have set on Steam.
You can absolutely sell your game on another site for less. You can't sell your game on another site for less and make Steam pick up the infrastructure costs.
This is the first I've heard it that way. I haven't read the contract though, so I can't say I'm correct with confidence.
The only claim anyone has ever documented is detailed in the article.
You can read through all the claimants key documents if you like 😉
https://steamyouoweus.co.uk/updates/
So far no one has ever shown Valve asking for price parity with other outlets, and this doesn't appear to be any different. Just a lawyer looking for a payday.