46m Britons in line for payout?

MASTERCARD faces a lawsuit on behalf of all British consumers which could force the credit card giant to pay out £14billion.

Legal papers supporting the biggest class action lawsuit in UK history were formally submitted yesterday. If successful, an estimated 46million people could be in line for refunds averaging more than £300 each.

The case revolves around ‘interchange fees’ imposed on retailers for processing credit card payments over 16 years.

These were passed on to shoppers in higher prices on everything from luxuries to groceries.

The case is being led by Walter Merricks, former Chief Financial Services Ombudsman, and supported by consumer group Which? plus an American legal firm with £40million to cover costs.

The claim made at the Competition Appeal Tribunal in London is the first filed under the Consumer Rights Act 2015 allowing a collective damages claim.