Op risk data: Mastercard schooled in £200m class action
Also: Mitsubishi copper crunch, TD tops 2024 op risk loss table. Data by ORX News
Mastercard topped December’s op risk losses when it agreed to pay £200 million ($253.3 million) to settle a UK class action lawsuit claiming it charged consumers excessive swipe fees. The card provider allegedly manipulated the interchange fees that retailers pay to accept Mastercard credit and debit cards. UK businesses paid the inflated fees and passed their costs on to consumers through higher retail prices. The class suit reportedly spanned around 46 million adults in the UK, and the claim
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