UK competition appeal court on Thursday, September 28, denied a consumer’s attempts to appeal a decision preventing him from bringing a £14 billion (US$18.7 billion) antitrust suit against Mastercard over credit card swipe fees.
Former chief financial services ombudsman Walter Merricks had moved to appeal a UK competition court’s decision that the case couldn’t proceed as a collective action, which has been dismissed by a panel of English judges.
Merricks’ claim was lodged on behalf of nearly 46 million consumers and alleged that Mastercard’s interchange fees forced consumers to pay higher prices to businesses that accept the credit card over a 16-year period, therefore breaching EU competition law. The damages being sought were more than £14 billion (US$18.7 billion).
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