Credit card group MasterCard is being sued for £14bn, the largest legal claim in British history, in a landmark lawsuit over allegations that it overcharged 46m UK consumers.
The claim, which MasterCard said it would oppose vigorously, is the first major case under a new framework for class action lawsuits on behalf of multiple claimants. It revolves around fees imposed by MasterCard on businesses that accepted its debit and credit cards between 1992 and 2008.
Law firm Quinn Emanuel, which filed the suit at the Competition Appeal Tribunal, alleges that these charges – known as “interchange fees” – were set at an unlawfully high level and pushed up prices for British consumers.
The claim was brought by Walter Merricks, the UK’s former chief financial services ombudsman, on behalf of around 46m consumers he claims have lost out. Full story...
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The claim, which MasterCard said it would oppose vigorously, is the first major case under a new framework for class action lawsuits on behalf of multiple claimants. It revolves around fees imposed by MasterCard on businesses that accepted its debit and credit cards between 1992 and 2008.
Law firm Quinn Emanuel, which filed the suit at the Competition Appeal Tribunal, alleges that these charges – known as “interchange fees” – were set at an unlawfully high level and pushed up prices for British consumers.
The claim was brought by Walter Merricks, the UK’s former chief financial services ombudsman, on behalf of around 46m consumers he claims have lost out. Full story...
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