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MasterCard Sued for $18.7 Billion in UK’s Biggest Claim

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Credit card major MasterCard is facing a lawsuit filed on Thursday seeking £14 billion (around $18.7 billion or Rs 1.23 lakh crore) in damages — the largest legal claim in British history — over allegations it overcharged 46 million consumers in the UK. According to Quinn Emanuel, the fees – known as ‘interchange fees’ – were set at an unlawfully high level and pushed up prices for British consumers. The claim was brought by Walter Merricks, the UK’s former chief financial services ombudsman.

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It is the first claim to be filed under the Consumer Rights Act 2015 on behalf of all UK consumers. The Act enables a collective damages claim to be brought on behalf of a class of people who have suffered loss.

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