A £14 billion class action lawsuit against Mastercard interchange fees has moved a step closer to trial following a failed last ditch attempt by the card scheme to derail the claim, according to Finextra.
The Competition Appeals Tribunal in March this year ruled that former head of the UK Financial Ombudsman Service Walter Merricks could represent every class member who was alive on 6 September 2016, and has since died in the ongoing litigation.
This follows an August ruling that gave Merrick the go-ahead to sue Mastercard on behalf of 46 million claimants in the case, who would receive around £300 each if successful.
Mastercard kicked the March ruling back to the Appeals Tribunal, which has come down in favour of the claimant, meaning that the estates of approximately 3 million deceased individuals will be able to recover compensation in the event of a favourable judgement.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
