Mastercard Set to Face U.K.’s Largest Class Action Over Fees
- Claim seeks about $19 billion in damages over payment fees
- Mastercard lost previous bid to block suit at Supreme Court
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Mastercard Inc. is set to face the U.K.’s largest class action trial over its payment fees after a London tribunal gave the group bringing the suit the green light to proceed.
The Competition Appeal Tribunal ruled that Walter Merricks, the former head of the U.K. Financial Ombudsman Service, can represent some 46 million consumers, in the first British judicial certification of a class action claim of its kind. Merricks had been seeking around 14 billion pounds ($19 billion) in damages.