Law firm Quinn Emanuel alleges that the fees were a significant cost for retailers. This cost was then passed on to consumers in the form of higher prices for goods and services. The lawsuit claims that UK consumers have lost as much as £19bn as a result of the fees.
“The prices of everything we all bought from 1992 to 2008 were higher than they should have been as a result of the unlawful conduct of Mastercard,” said Walter Merricks, a former Chief Financial Services Ombudsman who is spearheading the claim. He has instructed Quinn Emanuel to lead the case, and litigation funder Gerchen Keller Capital is providing up to £40m to finance the lawsuit.