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UK: Mastercard sued for $19 Billion in Britain’s biggest Damages Claim

By  |  October 10, 2016

About 46 million people in Britain could potentially benefit from a legal case brought against MasterCard demanding 14 billion pounds in damages for allegedly charging excessive fees, according to court documents filed in London.

The case brought by a former chief financial services ombudsman alleges the payments company set unlawfully high fees charged to stores when shoppers swipe their debit or credit cards that were passed on to consumers in higher prices.

MasterCard was accused of doing this for 16 years between 1992 and 2008, according to the documents filed at the Competition Appeal Tribunal on Thursday.

The company said in a statement it denied any wrongdoing.

“We continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously,” the world’s second-largest credit card and debit card issuer said.

Full Content: Fortune

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