LONDON, Sept. 9 (UPI) -- MasterCard faces an $18.6 billion lawsuit in Britain, charged with applying excessive fees on millions of transactions between 1992 and 2008.
Court documents filed Thursday at London's Competition Appeal Tribunal said the company, the second-largest credit and debit card provider in the world after Visa, charged anti-competitive card fees which resulted in higher prices for customers. The lawsuit was filed at the Competition Appeal Tribunal on behalf of Walter Merricks, a former United Kingdom financial services ombudsman.