£14 billion Mastercard class action takes step forward
The largest class action in British history moved one step closer to court today.
Mastercard are the subject of the £14 billion suit, brought by former financial ombudsman Walter Merricks.
The action claims that Mastercard charged illegally high transaction fees over a 16-year period, meaning that 46 million UK consumers paid more in shops than they should.
If successful, the class action could see almost every UK adult receive a payout of around £300.
The court of appeal today ruled that the action should be reconsidered, following its initial rejection by the Competition Appeals Tribunal.
Today’s decision moves the action one step closer to completion.
Commenting on the result in the court of appeal, Merricks said: “I am very pleased with today’s decision. It is nearly 12 years since Mastercard was clearly told they had broken the law by imposing excessive card transaction charges, damaging consumers over a prolonged period.
“When challenged, all they have done is to raise technical legal arguments that turn out to have no merit – as the court of appeal has shown today. It’s now time for Mastercard to admit the damage they did, to apologise to the British public, and to agree to pay the compensation they owe.”