Quinn Emanuel Urquhart & Sullivan and Freshfields Bruckhaus Deringer both claimed victory as the U.K. Competition Appeal Tribunal (CAT) gave the green light to proceed with a £15 billion collective action against Mastercard on Thursday.
The case was brought by former financial ombudsman Walter Merricks on behalf of around 46 million U.K. consumers for damages of £15 billion. Merricks claims the credit card giant inflated interchange fees which resulted in consumers being overcharged over a 16-year period between 1992 and 2008. If successful, the claim could result in the U.K.’s highest-ever damages payout.
