Mastercard (NYSE: MA) is being sued for $19 billion in damages, and about 46 million people in Britain could benefit from the case. The law suit was filed in London and indicates that Mastercard was reportedly charging excessive fees, which were unlawfully charged to stores when shoppers swipe their debit or credit cards.
According to a report by Reuters Mastercard is denying all allegation. “We continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously,” company representatives said in a statement.
The lawyer who is bringing the case, Walter Merrick, says there is evidence the credit card company charged billions of pounds of unlawfully high fees, and that it was done unlawfully, for its sole benefit of Mastercard.
The lawsuit is based on findings of a European Union’s antitrust regulator from 2014, describing excessive fees towards store owners.
“The filing of this claim is the first step towards consumers obtaining compensation.” Marrick said in a statement.