Mastercard faces £14bn compensation lawsuit

Financial Services | International | Latest News | Legal | South East

A ruling at the Court of Appeal in London has meant that there is a possibility that global credit card company Mastercard, could face a £14bn lawsuit.

The Competition Appeal Tribunal was ordered by the court to reconsider the class action lawsuit against the US firm, after it had initially been thrown out in 2017.

The original claim alleged that over 46 million had paid higher prices in shops than they should have done, due to high card fees that customers were not informed about.

Mastercard released a statement which read: “(We) disagree fundamentally with the basis of the claim. This decision is not a final ruling and the proposed claim is not approved to move forward; rather, the court has simply said a rehearing on certain issues should happen.”

The company is currently seeking legal advice to appeal against the ruling.

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