Finance

Mastercard is fighting a $19 billion class-action lawsuit filed in the United Kingdom.

A specialist London court will re-consider allowing a historic 14 billion pound ($19 billion) class action against Mastercard to continue this week, which, if successful, could entitle adults in the United Kingdom to about 300 pounds each. Merricks, who is assisted by the U.S. law firm Quinn Emanuel, claims that between May 1992 and June 2008, Mastercard paid unfair “interchange” fees – the fees merchants pay credit card firms when customers use their cards to buy – and that those fees were pushed on to consumers when retailers increased rates.

Source: Reuters

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button