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A moment without precedent in the British legal history. A London court has paved the way for a 14 billion pound lawsuit against Mastercard. This surprises us greatly as it means that virtually all UK adults would be eligible for payment. The gain would average around £ 300. Imagine that. £ 300 and you have nothing to do. Of course, it is far from over.
Mastercard has very, very good lawyers, you can be sure. And they do not like losing money. We are therefore quite sure that they will do everything they can to avoid a £ 14 billion loss.
What makes Mastercard brought to justice and by whom?
The claim is brought by former financial mediator Walter Merricks. He said more than 46 million people had overpaid their purchases because of the high fees charged by Mastercard. This happened over a period of 16 years between 1992 and 2008. In addition, they violated European Union competition law, resulting in an estimated loss of £ 14.6 billion for consumers. Claim claim.
Indeed, Walter Merricks pronounced on the decision:
"I am very happy with today's decision. It has been almost 12 years since Mastercard was clearly informed that it had broken the law by imposing excessive transaction fees, which caused damage to consumers over a long period.
"When they were challenged, they only raised technical legal arguments that proved groundless – as the court of appeal has shown today. # 39; hui. It is now time for Mastercard to acknowledge the damage it has done, apologize to the British people and agree to pay the compensation it owes. "
We like the sound of this Walter. We hate it when the big players in finance scam those who work hard and want to use their services for their hard-earned money. Hope this will pave the way for other decisions of a similar nature!
Mastercard indicated that she continued to "fundamentally disagree with the foundation of the application". They added, "This decision is not a final decision and the proposed claim is not approved to proceed; on the contrary, the court simply stated that a new hearing should be held on certain issues. "
Who will benefit
If Mastercard loses the case, anyone who can prove that he was in the UK during those 16 years could receive a payment. It's a lot of people!
Moreover, even if you did not have a Mastercard, as all the stores that accepted Mastercard would have charged higher prices, you will still be able to claim compensation. Go get Walter!