Former financial ombudsman Walter Merricks is appealing the U.K.’s Competition Appeal Tribunal’s decision not to certify his claim in a proposed £14 billion (US$18.2 billion) class action lawsuit against Mastercard over interchange.
Mastercard can breathe a sigh of relief as the £14 billion (US$18.15 billion) lawsuit—a collective action over card charges that were passed on to shoppers—has been stopped by the U.K.’s Competition Appeals Tribunal.
Legislation that would overhaul the CFPB and end taxpayer-funded bailouts of large financial institutions, among other mandates, moved one step closer to law May 4.
A legal battle between merchants and payment networks over interchange fees that has been raging for more than a decade will continue now that the Supreme Court has declined to restore a $5.7 billion settlement agreement that was tossed out by a lower court.
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
