Mastercard Inc . preyed on more than 46 million unknowing consumers by unfairly charging card fees over a 16-year period, lawyers seeking to bring a 14 billion-pound ($17.2 billion) class-action lawsuit told a London court. The credit-card company infringed European Union competition law by imposing high charges to retailers that accepted its cards between 1992 and 2008, Paul Harris, a lawyer …
Andrew MacAskill| LONDON LONDON Some 46 million people in Britain could potentially benefit from a legal case brought against Mastercard (MA.N) demanding 14 billion pounds ($19 billion) in damages for allegedly charging excessive fees, according to court documents filed in London. The case brought by a former chief financial services ombudsman alleges the payments company charged unlawfully …
British customers of MasterCard are going after the financial services corporation over charging illegally high fees on store transactions for more than a decade. The class action lawsuit, filed last week at London’s Competition Appeal Tribunal by law firm Quinn Emanuel, wanted MasterCard to pay £14 billion ($18.6 …
MasterCard is facing damages claims that could reach as much as £19 billion for alleged illegal card charges between 1992 and 2008. It is claimed the global company made shops pay higher fees than they should have when customers purchased goods using their credit cards. The fees – called “interchange” – are often included into the price of the item, with experts saying shops charge more for …
MasterCard Inc (NYSE:MA) is facing an expensive lawsuit, which is expected to increase its litigation cost by the end of 2016. The payment processing company is accused of imposing additional card charges, which were ultimately borne by British consumers. It might be the first US-style class action lawsuit in the UK, which might increase the uncertainty associated with the stock.
The U.S. Supreme Court on Tuesday agreed to hear appeals by Visa Inc, Mastercard Inc and several U.S. banks seeking to throw out lawsuits claiming they conspired to inflate the prices of ATM access fees in violation of antitrust …
Merchants score victory over Visa and MasterCard as court tosses $7.25bn interchange settlement In a win for merchants, a US federal appeals court has killed off a $7.25 billion class action settlement over interchange fees between millions of retailers and Visa and MasterCard. The huge settlement over claims that the card schemes had improperly fixed credit and debit card swipe fees was agreed …