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Started by darkhorse on Sep 8, 2016 6:19:47 PM
Will Every single UK consumer get compo from MasterCard?

http://www.bbc.co.uk/news/business-37305377

It is claimed that consumers faced higher costs than they should, as retailers passed on the unnecessary high interchanges fees in their prices.

Former financial ombudsman Walter Merricks is leading the claim, with the backing of law firm Quinn Emanuel, under the new Consumer Rights Act. The first stage is to take it to the Competition Appeal Tribunal (CAT) in London.

"The filing of this claim is the first step towards consumers obtaining compensation for what Mastercard did," Mr Merricks said.

"I am confident that the CAT will authorise the claim to go forward, and I look forward to the opportunity to present our case. This is a watershed moment for consumer redress in this country."

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darkhorse - 08 Sep 2016 18:20:21 (#1 of 15)

If it works, it could just be the helicopter money stimulus we'll be needing at Brexit time.

yumyum - 08 Sep 2016 18:22:13 (#2 of 15)

Surely only Mastercard card holders would be eligible.

darkhorse - 08 Sep 2016 18:25:53 (#3 of 15)

Check the first para of the header. The alleged inflated costs were incurred by retailers, who in turn passed them on to customers.

darkhorse - 08 Sep 2016 18:27:03 (#4 of 15)

http://www.quinnemanuel.com/the-firm/news-events/firm-news-mastercard-facing-claim-of-up-to-19-billion-damages-from-uk-consumers-in-landmark-collective-action/

Consumers were unaware of the level of these fees or that they were illegal. The fees were a significant cost for retailers that was then passed on through increased prices of goods and services. All UK consumers, including cash purchasers – and not just MasterCard holders – have lost money as a result.

FrankieTeardrop - 08 Sep 2016 18:30:09 (#5 of 15)

Bloody hell.

invicta - 08 Sep 2016 18:30:28 (#6 of 15)

Ah, I wondered why all my Mastercards had ceased simultaneously. Well, let's get the class action going. No one is going to go easy on that lot, are they?

FrankieTeardrop - 08 Sep 2016 18:30:36 (#7 of 15)

No wonder I'm skint, thought it was down to impulsive, compulsive record buying...

RosyLovelady - 08 Sep 2016 18:34:17 (#8 of 15)

Think how many more records you could have bought if only the price hadn't been artificially raised.

hailesaladdie - 08 Sep 2016 19:27:05 (#9 of 15)

Yup, my MasterCard (which gave me loads of lovely air miles) has abruptly ceased. I have a new one, but it's a fraction of the benefits.

Shame. But they were taking the piss with the interchange fees.

As the cap is an EU initiative, though, will it remain post-Brexitmeansbrexit?

Gotout - 08 Sep 2016 19:36:18 (#10 of 15)

If it actually goes through and consumers get a few thousand each, it could actually give the economy a nice boost, because most of the money would get spent very quickly.

Giving every household a few thousand was something which was mooted several years ago but the government preferred to give it to the banks. It would be interesting to see if a boost to the economy came about as a result of a bank being taken to task.

TommyDGNR8 - 08 Sep 2016 19:41:38 (#11 of 15)

19bn between 60mn ain't a few thousand each.

Gotout - 08 Sep 2016 19:46:28 (#12 of 15)

No, since I posted I saw an article suggesting it would be around £450.

FrankieTeardrop - 09 Sep 2016 00:28:12 (#13 of 15)

"Think how many more records you could have bought if only the price hadn't been artificially raised."

Sobs

Tenesmus - 09 Sep 2016 00:50:21 (#14 of 15)

I hope my Santander Mastercard doesn't stop working, I make quite a lot from the cash back.

hailesaladdie - 09 Sep 2016 06:07:24 (#15 of 15)

Most won't stop working, but with the interchange rates capped at 0.3%, a lot of the benefits will be significantly reduced.

(But that's not because of this court case...)

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