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£14bn Mastercard Class Action Claim Blocked

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Britains Competition Appeal Tribunal (CAT) has blocked a class action lawsuit against credit card company Mastercard. The class action – which would have been one of the most complex such cases in British legal history – was based on allegations that the credit card giant had, over a 16 year period, overcharged over 40 million people in Britain alone.

The case was based around what are known in the card industry as ‘interchange fees’ which are the fees and charges that card providers make to cover the costs of processing payments, operating card networks and the associated card security requirements.

Law firm Quinn Emanuel Urquhart & Sullivan launched the case on behalf of British consumers. Had the case been allowed to proceed, it would have been a huge test of the 2015 introduction of ‘opt-out’ class action claims resulting from the new Consumer Rights Act.

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