MSE News: How you could benefit from the potential £19bn Mastercard refund

edited 12 July 2016 at 10:27PM in Shop but don't drop
12 replies 6.1K views
Legacy_userLegacy_user Forumite
0 Posts
MoneySaving Newbie
edited 12 July 2016 at 10:27PM in Shop but don't drop
How you could benefit from the potential £19bn Mastercard refund – by the man behind the historic class action lawsuit...
Read the full story:
'The former financial services ombudsman is launching a landmark legal bid to secure £19bn compensation from Mastercard'
OfficialStamp.gif
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
«1

Replies

  • gadgetmindgadgetmind Forumite
    11.1K Posts
    Tenth Anniversary 10,000 Posts Combo Breaker
    ✭✭✭✭✭
    Well, that makes a change from the USA fining UK financial organisations. Mind you, they're still a few billion USD up!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • robin58robin58 Forumite
    2.8K Posts
    Now can we sue all the banks whose employees rigged the Libor Rate and have been convicted in court of doing so.

    That cost us all extra interest and other indirect price rises.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!! ;)
  • tgroom57tgroom57 Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭
    Interesting. Does that mean we can sue ebay for taking 10% of postage- because that higher fee is also passed on to the consumer?

  • icic Forumite
    3.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    ✭✭✭✭
    It doesn't make sense to me - the card handling fee covers the cost of the service. Most retailers swallow it and it add it to their pricing - just as they do the cost of premises, electricity, distribution, till systems, receipt rolls, staff, etc. What is so special about the card handling fee?
  • gadgetmindgadgetmind Forumite
    11.1K Posts
    Tenth Anniversary 10,000 Posts Combo Breaker
    ✭✭✭✭✭
    There's nothing special about it and you're not supposed to use price fixing cartels in any of those areas.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • edited 12 July 2016 at 12:57PM
    agarnettagarnett
    1.3K Posts
    ✭✭✭
    edited 12 July 2016 at 12:57PM
    This is quite major news I think, although because of the jargon being used, it looks like the majority of the population haven't sufficient clue to comment.

    From being the holder of various cards during the last five decades, I think I can fairly say that Mastercard and Visa are notoriously nefarious outfits of which 99.99999999% of their sharp-end network users (that's simple retailers and customers) know amazingly little.

    We can probably improve that to 99.99999998% by offering links here to their respective Wikipedia pages :p

    https://en.wikipedia.org/wiki/MasterCard
    https://en.wikipedia.org/wiki/Visa_Inc.

    We (the 0.00000002%?) shall then await developments on the case in question with undoubted interest, and the remainder will simply smile when and if their next windfall cheque arrives a few years after the PPI one;)

    My question for anyone out there that does actually know about these things, is what is different about the VISA operation that means (apparently?) Visa are not being similarly targeted for class action? Or are they ?

    Who actually is MA's CEO (name of Ajaypal Singh Banga)? We can read his name on Wikipedia, but what got him from India via Pepsico to CEO of Mastercard? Wikepedia seems a bit sketchy.

    And what about the CEO of Mastercard? According to Wikipedia, the CEO of Visa Inc, Charles Scharf, who at age 48, took over as the company's CEO in November 2012, succeeded Joseph Saunders. He was also appointed as a board member after increasing the size of the board to eleven members from ten. He has more than 25 years of financial services, payments systems and leadership experience. He was also a director of Visa and its predecessor, Visa U.S.A., from 2003 to 2011. Payments technology company Visa, Inc. (V) revealed in a regulatory filing on Friday {exactly which Friday isn't revealed!}) that Chief Executive Officer Charles Scharf received a 2013 total compensation of $24.20 million, including base salary, stock grants and incentives in 2013.

    According again to Wikipedia, "Scharf is earning praise from analysts and insiders for breaking with tradition" {What tradition? Conducting business lawfully?}:p "He has made Visa, No. 238 on the Fortune 500 with $11.8 billion in revenue, more open to merchants and tech innovation. He oversees a network with 2.2 billion cards accepted by 36 million merchants globally. And he has done it with little flash: He mostly avoids press; sources describe him as “all-business.”"

    Who are these people? Lizards? Illuminati? Banksters? All three and more?
  • HerbalusHerbalus Forumite
    2.6K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    I agree with Mastercard on this one. Clearly they have to charge some sort of fee (the EC capped them after all, not banned them), and any charge that the fees were excessive is surely irrelevant. You can't sue somebody because the charges of doing business were too high. After all, Amex isn't accepted everywhere because their charges are higher...
  • Diggle123Diggle123 Forumite
    28 Posts
    Ninth Anniversary 10 Posts Combo Breaker
    Sounds a bit fairy godmother to me. Even if the case goes ahead and is won.
    How much will the legal side get (rather like the usual PP! scam)?

    How will the repayment be distributed?
    1. Per Mastercard you currently own,
    2. or have held over that period,
    3. how much you spent over that period,

    ...the scope to rip off the allegedly out of pocket punters is enormous.

    How will it apply to retailers that charge a Credit card fee "to pass on the card company fee", as that is variable it suggests some profiteering at retailer level as well, will that be investigated as well.

    I can see a legal firm rubbing its hands together with glee, an almost bottomless pit of income whilst they leisurely pursue the issue in depth"
  • Diggle123 wrote: »
    I can see a legal firm rubbing its hands together with glee

    Just think of all those lovely cold calls to look forward to.
  • MrsBartolozziMrsBartolozzi Forumite
    6.4K Posts
    Part of the Furniture Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    Diggle123 wrote: »
    Sounds a bit fairy godmother to me. Even if the case goes ahead and is won.
    How much will the legal side get (rather like the usual PP! scam)?

    How will the repayment be distributed?
    1. Per Mastercard you currently own,
    2. or have held over that period,
    3. how much you spent over that period,

    ...the scope to rip off the allegedly out of pocket punters is enormous.

    How will it apply to retailers that charge a Credit card fee "to pass on the card company fee", as that is variable it suggests some profiteering at retailer level as well, will that be investigated as well.

    I can see a legal firm rubbing its hands together with glee, an almost bottomless pit of income whilst they leisurely pursue the issue in depth"

    While a windfall of £400+ wouldn't go amiss, I'm not holding my breath.
    And what about those who worked and supposedly suffered like the rest of us, but are no longer around. Can we claim on their behalf?

    It's only a game

    ~*~*~ We're only here to dream
    ~*~*~
This discussion has been closed.
Latest News and Guides