Are you in line for a £450 refund?
Over 40 million Mastercard customers may be entitled to the pay out…
Walter Merricks, who is fronting a case against Mastercard for 16 years of ‘unfair’ and ‘illegal’ charges, said;
”I want consumers to know that it is possible to take on a large organisation that has behaved badly. The prices of everything we all bought from 1992 to 2008 were higher than they should have been as a result of the unlawful conduct of MasterCard. This case should send a signal to companies that break competition laws at the expense of UK consumers that they do so at their financial peril. Although most of us did not know this, experts who study the retail economy knew it was happening – and so did MasterCard. My aim is to get the redress to which UK consumers are entitled and to ensure that MasterCard cannot hold on to the illegal profits it made.”
It is also thought that charges levied on MasterCards were often passed on to shoppers by retailers through increased prices.
In 2014 the European Court of Justice declared that such fees were a violation of EU rules and capped the charges.
However Mastercard firmly disagree with this and said; ”MasterCard is committed to providing ever more convenient, safe and secure payments to all our customers, including consumers, retailers, governments and banks.”
Consumer group, Which? think this case has a good chance of winning.
Are you pleased about this? Will you be inline for a refund?
Get intouch and let me know…