MSE News: Landmark claim seeking £14bn refund for consumers filed against Mastercard

Legacy_user

A landmark damages claim against Mastercard that could put £100s in the pockets of millions of consumers has be filed...

Read the full story:
'Landmark legal claim seeking £14bn refund for UK consumers filed against Mastercard'

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realaledrinker

Would love to see the definition of an 'affected UK consumer'. As most retailers don't make a charge for using a card, any costs incurred would form part of the cost of doing business. They may jack up prices a bit to cover the fees, but that would impact all customers, whether they paid by credit card, debit card, cash or barter.


Just seems a complete nonsense to me.

VT82

Is it not embarassing to be aligned with this spurious, brazen, epitomising-the-worst-of-America legal case?

PPI, yes. This out-and-out weirdness, no.

dealer_wins

Mastercard and Visa should suspend all services as a protest, that would be fun

Stupid lawsuit in the extreme.

forgotmyname

Estimated £305 per person? How much to will the claims administration company charge? £306 per person?

Mastercard site states they do not earn a revenue from the interchange.

Rob34C

14 billion spread between 60 million people is £233 each. Sweeet.

Although shouldn't it be tiered to those that spent more money? Damnit, I'm not sure I can produce 15 years worth of receipts.

King_Of_Fools

I was thinking about this and we all know that the cashback cards have been cutting back their rates because the interchange fee has been slashed. So Mastercard must have been passing on a percentage of this fee to the banks, which in turn returned some to the card holders.

Lets say the lawsuit is successful and Mastercard has to pay £14bn. Are they then going to claim this back from the banks and then what?

It could all get very messy!

jonesMUFCforever

The only winners will be the lawyers - and who will pay for them?

andyfromotley

jonesMUFCforever wrote: »

The only winners will be the lawyers - and who will pay for them?

In this case - and i kid you not - its a hedge fund that is financing the litigation to the tune of £40m!!
Who even knew such things existed?!!

This article explains more about these things
http://www.bloomberg.com/news/articles/2015-03-18/hedge-fund-betting-on-lawsuits-is-spreading Vulture capital or access to justice?