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UK court sets scene for $14 bln-plus class action against Mastercard


 A London court on Wednesday approved a 10 billion pound-plus ($14 billion-plus) class action against global payments processor Mastercard (MA.N) that claimants said could entitle 46 million British adults to roughly 300 pounds each if it is successful.

The Competition Appeal Tribunal (CAT) had been expected to certify Britain’s first mass consumer class action, brought by former financial ombudsman Walter Merricks, after the UK Supreme Court overruled objections to it in December. read more

The decision to finally authorize the five-year case as a collective action establishes a standard for a string of other proposed class actions that have been stalled in its wake.

“Mastercard has thrown everything at trying to prevent this claim going forward, but today its efforts have failed,” Merricks said in a statement.

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