In 2007, the European Commission (EC) issued a decision against MasterCard finding that it had broken competition law through its interchange fees for 15 years between 1992 and 2007. This is a landmark case where unlawful anti-competitive conduct has harmed United Kingdom consumers. The claim posits that retailers passed these fees on to consumers in the form of inflated prices for goods and services, estimating several hundred pounds’ worth of damages per British consumer.
Advertisement
He said: “The prices of everything we all bought from 1992 to 2008 were higher than they should have been as a result of the unlawful conduct of MasterCard”.
The world’s second-largest credit and debit card company, however, said that it “firmly disagrees” with the basis of the legal claim. MasterCard has also argued that stores can’t claim damages since they passed losses on to customers.
The law firm Quinn Emanuel is leading the case.
Merricks has already instructed US-based law firm Quinn Emanuel in an effort to seek redress to which United Kingdom consumers are entitled and to ensure MasterCard can not hold on to the illegal profits it made.
Mr Merricks, who has instructed US-based law firm Quinn Emanuel, claimed the total damage caused to United Kingdom consumers could be as much as £19 billion, equating to hundreds of pounds for each shopper.
This case will be one of the first major tests of the Consumer Rights Act 2015. “There is no question that MasterCard acted illegally in the way it conducted its business”.
He’s saying that total damages caused to United Kingdom consumers could be as much as £19billion, which equates to hundreds of pounds for each shopper. This is a landmark case where unlawful anti-competitive conduct has harmed United Kingdom consumers. “Electronic payments deliver real value to people online, in-store and everywhere.”Which? spokesman Alex Neill said: “MasterCard has been found to be imposing illegal fees on millions of consumers and businesses across Europe”.
“The UK has never really seen class-action style suits like this, so we are very much in uncharted territory with this”, Matt Rigby from customer complaint service Resolver.co.uk told Mirror Money.
Millions of consumers stand to receive hundreds of pounds in compensation as the result of a £19 billion pound claim being launched against MasterCard over “illegal” card charges.
An initial hearing will take place at the Competition Appeal Tribunal later this year, with any trial likely to follow in 2018. A spokesman said the case, which is unaffected by the UK’s decision to leave the European Union, should be decided by 2018.
Consumer rights campaigners say shoppers were kept in the dark about the charges they were being forced to pay when using their cards.
Advertisement
Britons have been ripped off by at least £400 due to unfair pin and chip charges in shops, lawyers preparing the historic landmark case claim.
