MasterCard Reveals $ 18.6 Billion Class Action Court – Business News

MasterCard Reveals $ 18.6 Billion Class Action Court – Business News

The UK lawsuit faces a £ 14 billion ($ 18.6 billion) prospect after MasterCard Inc. lost another battle in the country’s highest court over a possible class action.

The Supreme Court ruled in favor of a group behind a proposed British suit in what would be the largest case of its kind. The group, representing some 46 million consumers, is filing a case against MasterCard over swipe fees, which the courts have declared to be unfair.

MasterCard has faced several lawsuits since EU courts said its cross-border payment fees were unfairly restricted competition. The long-running case, which began in 2016, will now go back to a specialist tribunal.

The decision was given after the death of Judge Brian Kerr, who presided over the hearing. His vote decided 3–2 to dismiss the appeal. After his death, two disgruntled judges dropped their opposition.

The ruling comes after the Supreme Court ruled in June against MasterCard and Visa Inc. In this case the fees brought by some of the largest British retailers are levied by the card companies every time a credit card is swiped by banks at fixed rates. A register.

The ruling also paves the way for further consumer class-action lawsuits, which were possible with changes to the 2015 law but have struggled to gain traction.

The case is led by Walter Mericus, who once led a UK organization that handles consumer disputes with banks.

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