MasterCard faces $18.6 billion UK lawsuit over fees
In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees - the fees retailers pay banks to process card payments. Mastercard lowered its fees but now faces a claim for damages for 16 years of charging from 1992 to 2008.
Mastercard fought a seven-year legal battle against the decision by the EU's competition watchdog, which ended with its defeat at the European court.
It is claimed that consumers faced higher costs than they should, as retailers passed on the unnecessary high interchanges fees in their prices.
Former financial ombudsman Walter Merricks is leading the claim, with the backing of law firm Quinn Emanuel, under the new Consumer Rights Act. The first stage is to take it to the Competition Appeal Tribunal (CAT) in London. ■