WASHINGTON, Aug 19 — A London court on Wednesday approved a £10 billion pound-plus class action against global payments processor Mastercard that claimants said could entitle 46 million British adults to roughly £300 each if it is successful.
The decision to finally authorise the five-year case as a collective action establishes a standard for a string of other proposed class actions that have been stalled in its wake. “The tribunal’s ruling heralds the start of an era of consumer-focused class actions which will help to hold big business to account in areas that really matter.”
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.
Source: Law Daily Report (lawdailyreport.net)
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