020 7831 0101

THE BIGGEST DAMAGES CLAIM IN UK LEGAL HISTORY

THE BIGGEST DAMAGES CLAIM IN UK LEGAL HISTORY

The biggest damages claim in UK legal history yet, was filed last Friday 9 Sept 2016, against MasterCard, for the amount of £14 billion pounds, at the Competition Appeal Tribunal in London. It is the first claim to be filed under the Consumer Rights Act 2015 on behalf of all UK consumers.  The Act, which is direct implementation of European Union Law, enables a collective damages claim to be brought on behalf of a class of people who have suffered loss. Any person living in Britain who used a credit card, cash or cheques and was over 16 years old in the period 1992 - 2008 will automatically become part of the claim (if s/he doesn’t opt-out) and if the latter is successful, those persons will receive over 300 pounds each. 

It is interesting to note that claim appears to be based on a 2014 ruling by the Court of Justice of the EU which backed the EU Commission’s move to scrap some fees that MasterCard allows banks to charge to merchants, that in their turn, pass to the end-consumer. 

You can read the Reuters news story here, the representing law firm’s announcement here and the 2014 Court of Justice of the EU press release here.