The Brits are suing Mastercard for $18 Billion citing high fees as an “invisible tax”.
The lawsuit comes after the European Union’s antitrust regulator found in 2014 Mastercard’s fees to store owners to process international payments within the EU were excessive.
Law firm Quinn Emanuel said the lawsuit was the largest damages claim in British history and would be brought under a law meaning consumers would automatically be claimants unless they opt out.
Any person living in Britain who used a credit card, cash or checks and was over 16 years old in the period covered by the lawsuit will automatically be part of the claim.
The reality is the only group that stands to make money from this lawsuit are the lawyers but it does send a message. 3% fees to process payments are ludicrous. Banks make BILLIONS processing payments yet they aren’t satisfied as they push for a cashless society.
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