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https://www.theguardian.com/business/2019/apr/16/mastercard-court-ruling-paves-way-14bn-class-action
Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.
The legal action taken by former financial ombudsman Walter Merricks claims that 46 million UK consumers paid higher prices in shops over a 16-year period because of allegedly excessive transaction fees charged by Mastercard.
Merricks’ action was initially financed by Chicago-based litigation funder Gerchen Keller Capital, which the Law Society Gazette said would make whatever was the greater of £135m or 30% of the proceeds of the case up to £1bn, plus 20% of the proceeds over £1bn.
A new funder, Innsworth Litigation Funding, has taken on the case. It is understood it will receive a share of whatever is left if not every person in the class action lawsuit makes a claim.
Merricks said he does not personally stand to make a cut from any court award. “ am paid an hourly rate of £150 for the time I have spent on this,” he added. ”
Ker Ching for GKC
Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.
The legal action taken by former financial ombudsman Walter Merricks claims that 46 million UK consumers paid higher prices in shops over a 16-year period because of allegedly excessive transaction fees charged by Mastercard.
Merricks’ action was initially financed by Chicago-based litigation funder Gerchen Keller Capital, which the Law Society Gazette said would make whatever was the greater of £135m or 30% of the proceeds of the case up to £1bn, plus 20% of the proceeds over £1bn.
A new funder, Innsworth Litigation Funding, has taken on the case. It is understood it will receive a share of whatever is left if not every person in the class action lawsuit makes a claim.
Merricks said he does not personally stand to make a cut from any court award. “ am paid an hourly rate of £150 for the time I have spent on this,” he added. ”
Ker Ching for GKC
