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Business

Mastercard being sued for £14 billion

Opening sequence

Opening sequence

Business

Mastercard being sued for £14 billion

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16:24
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COMING UP:Mastercard being sued for £14 billion

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Transcript

00:00:00
>> MasterCard is being sued for 14 billion pounds in a claim that could be the biggest in British history. A win would benefit up to 46 million people. The legal case brought by a former chief financial services ombudsman, it says MasterCard charged stores excessive fees when shoppers swiped their debit or credit cards, and that those fees were passed on to consumers through higher prices.
00:00:24
MasterCard accused of carrying out the practice for 16 years, between 1992 and 2008. But it denies any wrong doing. In a statement, it says it will oppose the claim vigorously. Anyone over the age of 16 living in Britain who used a credit card, cash or checks in the 16 year period, will automatically be included.
00:00:45
If the £14 billion was shared equally between the number of eligible claimants, each person could receive more than £300 each according to a Reuters calculation.