£14B MasterCard Antitrust Suit To Test UK Class Action Law
By Eric Kroh (September 22, 2016, 6:55 PM EDT) -- U.K. consumers have hit MasterCard with a £14 billion ($18.2 billion) antitrust suit in London's competition court in one of the first cases to test-drive the country's recently rolled out collective action procedures, and attorneys will be watching the proceedings closely for guidance on the new regime.
The class action seeks compensation for roughly 46 million U.K. consumers who allegedly overpaid from 1992 to 2008 as a result of anti-competitive interchange fees that MasterCard imposed on credit and debit card transactions. (Credit: AP) Shoppers allege they overpaid on credit and debit card transactions from 1992 to 2008 because of anti-competitive interchange...
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