MasterCard faces £19 billion lawsuit in UK over claims it ripped off shoppers

‘For 16 years the leading global payments company MasterCard has been imposing unlawfully high interchange fees for using its cards in shops, according to UK’s former financial services ombudsman Walter Merricks.
He is leading a court action which is expected to be filed soon under the Consumer Rights Act. The law which was introduced in 2015 allows for collective damages claims.
“The prices of everything we all bought from 1992 to 2008 were higher than they should have been as a result of the unlawful conduct of MasterCard. To be clear, there is no question that MasterCard acted illegally in the way it conducted its business, a business that affects all of us. All of us overpaid to the tune of up to £19 billion ($24.5 billion) during a period lasting 16 years,” Merricks said.’
Read more: MasterCard faces £19 billion lawsuit in UK over claims it ripped off shoppers