A £14 billion class action lawsuit against Mastercard interchange fees has moved a step closer to trial with an additional £2.7 billion added to the claim following the latest judgement by the UK’s Competition Appeal Tribunal, according to Finextra.
The CAT has ruled that former head of the UK Financial Ombudsman Service Walter Merricks can 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.
On the CAT’s estimates, the latest judgement means over three million claims are preserved. Mastercard had tried to prevent them from being included as part of its lengthy attempt at opposing certification.
The CAT also allowed Merricks to plead a higher interest rate of 5% above the prevailing Bank of England rate, and on current estimates, this could add up to £2.7bn pounds to the £14bn claim.
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.”
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