An appeal bid has been launched on the ?14 billion Mastercard class action case.
We reported in July that the class action lawsuit against Mastercard for allegedly overcharging more than 45 million people in Britain over a 16-year period had been blocked by the Competition Appeal tribunal.
However, Walter Merricks, a former chief ombudsman of the Financial Ombudsman Service, who had filed the case in September 2016, has now launched an appeal against the decision.
Mr Merricks and his legal team believe that if the Competition Appeal Tribunal (CAT) agrees that the Court of Appeal can consider the case, the Court will agree the claim should be allowed to proceed.
Boris Bronfentrinker, a partner in law firm Quinn Emanuel Urquhart & Sullivan representing Mr Merricks, said: ‘Together with Mr Merricks?s team of highly experienced barristers, we have carefully analysed and considered the Tribunal?s judgment and identified a number of manifest errors in the reasoning and approach of the Tribunal.’
He continued: ‘We consider that when the Court of Appeal gets the opportunity to consider the detailed legal arguments we have prepared, it will rule in Mr Merricks?s favour and allow the claims against Mastercard to proceed.’
The case was originally brought against interchange fees which are charged by credit and debit card companies to retailers and merchants? banks, alleging that the fees were a significant cost for retailers and were passed on through increased prices of goods and services to all UK consumers, including those who paid in cash and not just MasterCard holders.
Before being stopped by CAT, the case had been due to be the largest in British legal history and test the new Consumer Rights Act introduced in 2015 which introduced ?opt out? collective class actions for breach of UK or EU competition law.
Walter Merricks commented: ‘I am very pleased that the fight for compensation for the substantial losses that Mastercard has caused to UK consumers continues.’