Credit card major MasterCard is facing a lawsuit filed on Thursday seeking £14 billion 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. It is the first claim to be filed under the Consumer Rights Act 2015 on behalf of all UK consumers. “MasterCard had the option to accept that its card fees were set at an unlawfully high level and reach a settlement with the European Commission to lower its fees. All UK consumers, including cash purchasers – and not just MasterCard holders – had lost money as a result, it added.

Source: Hindustan Times September 09, 2016 16:07 UTC