MasterCard Faces $18.6 Billion UK Lawsuit Over Fees

September 9, 2016 8:51 AM

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Britain's former financial services watchdog is suing MasterCard for 14 billion pounds ($18.6 billion), alleging the firm slapped excessive charges on millions of transactions.

Law firm Quinn Emanuel filed the suit Thursday at the Competition Appeal Tribunal on behalf of Walter Merricks, a former U.K. financial services ombudsman.

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