Mass action action against “interchange fees”

The Guardian has reported that MasterCard, the financial services firm, is being sued for £14bn in the biggest legal claim in UK history. It faces claims that its “interchange fees” on retailers unlawfully overcharged UK consumers for 16 years from 1992 to 2008. Law firm Quinn Emanuel filed the suit at the Competition Appeal Tribunal last week. It is the first claim to be filed under the Consumer Rights Act 2015 on behalf of all UK consumers. MasterCard will fight the action arguing that its payment services are designed to meet customer needs. The European Court of Justice ruled in 2014 that Mastercard’s fees were excessive.