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A lawsuit could see almost every adult in the UK receive a payout of up to £300 from MasterCard.
A court ruling has led the way for a £14bn class action lawsuit. Legal action has been taken by Walter Merricks a former financial ombudsman. He claims that 46 million UK consumers paid higher prices in shops over a 16 year period. Which was because of allegedly excessive transaction fees charged by Mastercard.
The Competition Appeal Tribunal threw out the claim two years ago. It ruled that it would not grant an order for the case to go to trial.
But in a surprising turnaround,the court of appeal has ordered the tribunal to reconsider,what has become the biggest class action in British legal history.
Walter Merrick believes that the tribunal will certify the action, which will enable it to go to court and result in a multi billion pound pay out if successful.
Mastercard said they will fight the case all the way to the Supreme Court if necessary.
Source The Guardian.
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