22:05 12 September 2016
UK consumers are suing MasterCard over its overpriced interchange fees from 1992 to 2008.
In 2014, the European Court of Justice ended a seven-year legal battle and ruled in favour of regulators who condemned the cost of MasterCard’s interchange fees.
The company has since lowered its fees but is still being sued for overcharging customers for over 16 years.
Mastercard said: "Now that the claim has been filed, we will take time to review it in detail. However we continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously,"
"We deliver real value through the benefits of security, convenience and consumer protection, and we are committed to investing in our payment services in order to continue to meet the rapidly evolving needs of all our customers."
Leading the claim is former financial ombudsman Walter Merricks, who said: "The filing of this claim is the first step towards consumers obtaining compensation for what Mastercard did,"
"I am confident that the CAT will authorise the claim to go forward, and I look forward to the opportunity to present our case. This is a watershed moment for consumer redress in this country."
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