In July 2017, the Competition Appeal Tribunal (CAT) refused to approve the proposed £14 billion class action claim against MasterCard on behalf of 46.2 million consumers who purchased goods or services from UK businesses which accepted MasterCard between 1992 and 2008. The claim followed on from the EU Commission finding in 2007 that MasterCard’s default interchange fee (the fee charged between banks when processing card payments) was an anti-competitive agreement in breach of article 101 of the Treaty on the Functioning of the European Union, and resulted in higher fees being charged between acquiring banks.
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