Mastercard preying on 46m consumers sparks £14b lawsuit

London

MASTERCARD Inc preyed on more than 46 million unknowing consumers by unfairly charging card fees over a 16-year period, lawyers seeking to bring a £14 billion (S$24.5 billion) class-action lawsuit told a London court.

The credit-card company infringed European Union (EU) competition law by imposing high charges to retailers that accepted its cards between 1992 and 2008, Paul Harris, a lawyer for consumers, told the Competition Appeal Tribunal on Wednesday. The panel will hold a two-day hearing to decide whether the matter should go to a full trial. It would be the UK's biggest class-action and one of the first filed under the Consumer Rights Act 2015.