Pursuits
MasterCard Faces U.K. Class Action Over Card Processing Fees
- EU court ruled in 2014 that interchange fees were unfair
- MasterCard says its electronic payments deliver real value
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Consumers in the U.K. are preparing a 19 billion-pound ($24.5 billion) class action lawsuit against MasterCard Inc., almost two years after a European Union court ruled the processing fees the company had charged for cross-border transactions were unfair.
Walter Merricks, a lawyer who once led the U.K. organization that handles consumer disputes with banks, has hired Quinn Emanuel Urquhart & Sullivan LLP to draft a lawsuit they plan to file by September, he said in a statement Wednesday. The claim would be the U.K.’s biggest and one of the first filed under the Consumer Rights Act 2015.