A London court on Wednesday approved a 10 billion pound-plus ($14 billion-plus) class action against global payments processor Mastercard (MA.N) that claimants said could entitle 46 million British adults to roughly 300 pounds each if it is successful.
A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White/Illustration/File PhotoUK Supreme Court overruled objections to case in DecemberLONDON, Aug 18 - A London court on Wednesday approved a 10 billion pound-plus class action against global payments processor Mastercard
"Mastercard has thrown everything at trying to prevent this claim going forward, but today its efforts have failed," Merricks said in a statement. Merricks alleges Mastercard charged excessive "interchange" fees – the fees retailers pay credit card companies when consumers use a card to shop - between May 1992 and June 2008 and that those fees were passed on to consumers as retailers raised prices.
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