Mastercard Wins Dismissal of $18 Billion Class Action Suit
- Group accused Mastercard of 16 years of unfair charges
- Case would have been U.K.’s largest class action since new law
MasterCard
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A London judge rejected an application by a group representing 46 million consumers to pursue a lawsuit against Mastercard Inc. that would have been the largest of its kind since U.S.-style class actions were introduced in the U.K.
The 14 billion-pound ($18 billion) lawsuit initiated by Walter Merricks, a lawyer who once led the U.K. organization that handles consumer disputes with banks, and Quinn Emanuel Urquhart & Sullivan LLP, came three years after a European Union court ruled the processing fees the company had charged for cross-border transactions were unfair.