Latest news with #WalterMerricks
North Wales Chronicle
3 days ago
- Business
- North Wales Chronicle
Compensation delayed for millions of Brits in Mastercard
This follows the Competition Appeal Tribunal's approval on how the settlement should be distributed last month, following the class action against Mastercard, which dates back to 2016. Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. Recommended reading Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card - bit that now seems to be delayed. Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that.'
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Compensation delayed for millions of Brits in Mastercard
Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. Why the payments could be open to all UK shoppers? The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. Recommended reading How can people register for a share of the compensation? Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card - bit that now seems to be delayed. Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that.'
South Wales Guardian
3 days ago
- Business
- South Wales Guardian
Compensation delayed for millions of Brits in Mastercard
This follows the Competition Appeal Tribunal's approval on how the settlement should be distributed last month, following the class action against Mastercard, which dates back to 2016. Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. Recommended reading Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card - bit that now seems to be delayed. Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that.'
Daily Mirror
3 days ago
- Business
- Daily Mirror
Mastercard compensation payments delayed as new legal challenge launched
The payment card provider has agreed to pay £200million to settle a case against it - with millions of people due up to £70 each Millions of Brits could be forced to wait months for compensation from Mastercard due to a new legal challenge. The payment card provider has agreed to pay £200million to settle a case against it - with millions of people due up to £70 each. Walter Merricks, the former financial ombudsman, argued that 46 million shoppers were ripped off after fees were wrongly levied on transactions between 1992 and 2008. The fees were paid by retailers accepting Mastercard payments, rather than by customers themselves - meaning you don't necessarily need to have owned a Mastercard to be eligible for compensation. The Competition Appeal Tribunal gave its final approval last month - but now, it has been revealed that the online claims portal is being delayed following a legal challenge from a company called Innsworth. Innsworth helped fund the case but is now trying to challenge how these funds will be split. reports that this could see payments delayed by months. You may be eligible for payments if you lived in England, Wales or Northern Ireland for at least three months between June 1997 and June 2008, and you bought goods or services from UK businesses that accepted Mastercard credit cards. If you live in Scotland, the starting point is May 1992. The judgment has ringfences £100million for consumers, and if the expected 5% of claimants – 2.5 million people – come forward, then they will receive £45 each. If fewer claimants come forward, then payments will be capped at £70 per claimant. Once the legal challenge is resolved, an online claims portal will be launched at Commenting on the original outcome of the case, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
Metro
3 days ago
- Business
- Metro
Martin Lewis' MSE shares major update on £100,000,000 Mastercard compensation
Last month, Mastercard agreed to pay a total of £100 million in compensation to UK shoppers — but now, Martin Lewis's Money Saving Expert (MSE) warns claimants may have to wait before they receive any cash. A landmark lawsuit against the company, first brought by former financial ombudsman Walter Merricks almost a decade ago, was recently settled out of court for £200 million. Half of this total was then earmarked for consumers, with MSE saying 'millions are in line' to receive payouts of up to £70 each. Plus, as the case concerns processing fees charged to retailers — which were then passed on to shoppers in the form of inflated prices — you don't need to have ever had a Mastercard to qualify. However, in the latest edition of its newsletter, the consumer site explained: 'It could be months until the money is paid out, because a company called Innsworth – which helped fund the case – is now trying to challenge how these funds will be split.' This company 'puts up money to support big legal claims, in return for a share of any winnings' but says the Tribunal approving the settlement 'made a series of errors in its judgment' when deciding how much of it should go to them. As such, Innsworth has filed a judicial review to try and get a bigger cut, which will not only delay claims and payouts but could impact the amount people end up getting. Here's what we know so far. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Even though you can't claim yet, according to MSE, you'll be eligible to do so if you meet all of the following criteria: You lived in England, Northern Ireland or Wales for at least three months in a row between June 20, 1997, and June 21, 2008. Or , you lived in Scotland for at least three months in a row between May 22, 1992, and June 21, 2008. , you lived in Scotland for at least three months in a row between May 22, 1992, and June 21, 2008. You were aged 16 or over during those three months. During the same period, you bought goods or services from a firm selling in the UK – regardless of how you paid. You lived in the UK on September 6, 2016. You haven't previously opted out of the legal case – you would have needed to actively fill in a form to do so, so if this is the first you've heard of the case, it doesn't apply. You don't have to have been part of the legal action before now to be able to claim, and you won't be asked for proof of purchases made during the qualifying period. For those who died before being able to claim, representatives of their estate may be able to do so on their behalf. If you need further details, check out the full list of requirements here. The amount you'll get all depends on the result of the Innsworth court action as well as how many people end up applying. The MSE site explains: 'If the expected number of people claim – roughly 2.2 million based on professional estimates – each person will get £45. 'If fewer people than expected claim, the maximum each person will get is £70… due to a cap that was put in place to avoid people getting disproportionate payouts compared to the alleged loss they suffered. 'If many more people than expected claim, you may only get a few quid. However, this scenario is seen as unlikely based on representative polling and the views of the claims administrator.' Once the Innsworth challenge is resolved, people wishing to claim will be able to do so via the Mastercard Consumer Claim official website. While an exact timeframe for the compensation, which will be administered by legal services firm Epiq, has not been announced, MSE states that once the portal is made available, 'You should have at least a few months to apply using the 'simple online form'.' More Trending Details on what the forms will entail is also yet to be released, but based on previous group legal action, the consumer champion expects it'll involve self-certifying that you meet the criteria by providing personal details like your name, date of birth, and address. You'll likely then be asked to 'attest that the information you've given is true and correct to the best of your knowledge,' with the claims administrator potentially following up with random anti-fraud spot checks. MSE also warned that this scheme could be used by scammers 'as an opportunity to con you out of your money,' so you should beware of adverts, online posts, texts or emails mentioning the claim, and always check the official website before taking any action. Earlier this year, a Mastercard spokesperson welcomed the decision, saying in a statement: 'We will continue to focus on providing consumers and businesses with what they expect from Mastercard – a great payments experience, strong value and peace of mind.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. View More » MORE: Major UK high street bank could be put up for sale MORE: Full list of 55 NatWest branches that will close in another blow to high street MORE: Full list of 10 Santander branches confirmed to be closing this week Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
