Mastercard fighting to keep UK class action at a minimum loss

Monday 29 March 2021 14:06 CET | News

Mastercard is battling attempts to add about 14 million deceased people to a GBP 14 class action in an effort to limit the scope of an historic case.
The claim alleges that Mastercard overcharged almost 60 million people in UK - including about 14 million people who are deceased - over the period. The case could entitle adults and their estates to roughly GBP 300 each if successful.

The company is also resisting attempts to add compound interest to any award, which the court heard could push up the value of the claim by more than 2 GBP billion.

Lawyers pushed for the deceased to be included, questioned why death might time-bar a valid case and urged the tribunal either to certify the lawsuit with compound interest or defer the question to the trial tribunal.

Mastercard says it ‘fundamentally disagrees’ with the claim, stating that people received valuable benefits from its payments technology and that the lawsuit is driven by US lawyers and backed by organisations focused on making money for themselves.

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Keywords: Mastercard, card scheme, interchange fee
Categories: Payments & Commerce
Countries: World
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