British supreme court ruling paves the way for GBP 14 bln Mastercard class-action lawsuit

Monday 14 December 2020 14:16 CET | News

British supreme court ruling has given the green light to proceed with a GBP 14 billion class action against Mastercard for allegedly overcharging 46 million British consumers for a period of 15 years.

According to The Guardian, almost every adult in the UK could receive a payout of up to GBP 300 from the credit card company after a supreme court ruling paved the way for the class action lawsuit. Former financial ombudsman Walter Merricks, who has taken the legal action, claims that 46 million UK consumers paid higher prices in shops over a 16-year period because of allegedly excessive transaction fees charged by Mastercard.

In 2019, the judgment upheld a decision by the court of appeal and set the scene for a mass consumer claim. The credit card company said it fundamentally disagreed with a claim that it said was being driven by ‘hit and hope’, the online publication adds.

Overall, legal commentators have suggested that the decision will have ripple effects and there will be an increase in the number of class actions filed in the future.

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Keywords: MasterCard, UK, cards, fees, action suit, large companies, merchants, retailers, consumers
Categories: Payments & Commerce
Countries: United Kingdom
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