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17 April 2019, 12:55 | Updated: 17 April 2019, 13:17
A financial ruling claims MasterCard has been overcharging UK customers for transactional fees for 16 years.
A financial ruling could see MasterCard forced to fork out £300 to every adult living in the UK following a £14 billion lawsuit made against the company.
Walter Merricks brought the £14billion lawsuit against the payment company in what is a historic case, after claiming the payment company has overcharged UK customers in transaction fees.
Apparently, anyone who can prove they were living in the UK during the 16-year period could be eligible for a pay day from the company.
In a statement following the historic ruling, Mr Merricks said: “I am very pleased with today's decision.
“It is nearly 12 years since Mastercard was clearly told that they had broken the law by imposing excessive card transaction charges, damaging consumers over a prolonged period.
“As a result we all had to pay higher prices in the shops than we should have done — while Mastercard have pocketed the profits.“It's now time for Mastercard to admit the damage they did, to apologise to the British public, and to agree to pay the compensation they owe.”
The case started in 2007 when the European Commission found Mastercard had breached competition law in relation to how it sets fees between banks and transactions.
In 2017 Competition Appeal Tribunal rejected Mr Merrick's claim for damages and said it would not let the case go through.
However, the Court of Appeal has now ordered the tribunal to reconsider its original ruling in what is the biggest class action in British history.
If Mr Merrick's wins his claim, everyone entitled to a payout will be given £300 unless they state otherwise.