The credit card provider Mastercard is said to have charged excessively high fees for years. One lawsuit has now been admitted in the UK.
The credit card provider is said to have charged excessive fees over a period of 15 years. If the lawsuit is successful, each adult could receive £ 300 in compensation.
D.he credit card company Mastercard has to face a multi-billion dollar class action lawsuit in the UK over excessive fees. The country’s Supreme Court on Friday rejected an appeal against the admission of the lawsuit. Consumer advocates accuse Mastercard of overcharging 46 million Britons over a 15-year period. In total, it is about 15 billion euros (14 billion pounds). Mastercard denied the allegations.
The European Commission ruled in 2007 that Mastercard fees were anti-competitive. The credit card provider resisted the decision and went through the courts. During that time, the British class action lawsuit was on hold.
Plaintiffs attorney Walter Merricks said between 1992 and 2008, consumers were paying excessive fees every time their credit card was used. If the lawsuit is successful, £ 300 in compensation could be awarded to any adult in the UK.