|From: 3dron (Rep: 63)||Date: 09/09/2016 12:13|
|Forum: MasterCard Incorporated - Msg #859||Thread #673868156 (Rec: 0) |
Started short MA MASTERCARD...read on
I'm getting sick of this....yesterday wells Fargo admits they opened 500K phony accounts in real customers names....so wells execs could get their bonuses. 185m fine...no one goes to jail...again.
Vrx and myl...and dozens of other drug companies are being tun like hedge funds...they torch up prices...hurt sick people...Sometimes to the tune of 1000% in a year....name any other product that increases 1000%...so if they get caught and outcry is loud enough they pay a fine...no jail.
So today MA is sued in england....for 20 years they were adding an invisible fee to anyone that used one of their cards to buy anything. The suit seeks 19b in damages
You think it was in England only? Really....they would do it for twenty years in only one country? Of course they did it here and elsewhere. .and of course they're going to be sued here and elsewhere....and it will be for over 100 all tolled.
But here's what pisses me off. When did our companies and the people running them become such out and out scumbags.
The problem is they figure the worst that happens is a fine...so why not.
We have to start throwing these people in jail....they have to start being afraid to do the right thing
BTW I am short MA starting today. ..it at its 52 week high 99s....and I know the odor of shut when I smell it....and no this is it...and no huge global pile amounting to many tens of billions in lawsuits verdicts
Mastercard sued for $19 billion in Britain's biggest damages claim
3 Hours Ago
MasterCard facing $19B lawsuit
Some 46 million people in Britain could potentially benefit from a legal case brought against Mastercard demanding 14 billion pounds ($19 billion) in damages for allegedly charging excessive fees, according to court documents filed in London.
The case brought by a former chief financial services ombudsman alleges the payments company charged unlawfully high fees to stores when shoppers swiped their debit or credit cards and these were passed on to consumers in higher prices.
Mastercard is alleged to have done this for 16 years between 1992 and 2008, in more than 600 pages of documents filed at the Competition Appeal Tribunal on Thursday.
"This was almost an invisible tax," Walter Merricks, who is bringing the case, told the BBC. "Mastercard has behaved disgracefully in this. They have not had the reasonableness to accept that what this was doing was damaging UK consumers."
Mastercard said in a statement it denied any wrongdoing.
"We continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously," the world's second-largest payments network said.
The lawsuit comes after the European Union's antitrust regulator found in 2014 Mastercard's fees to store owners to process international payments within the EU were excessive.
Law firm Quinn Emanuel said the lawsuit was the largest damages claim in British history and would be brought under a law meaning consumers would automatically be claimants unless they opt out.
Any person living in Britain who used a credit card, cash or checks and was over 16 years old in the period covered by the lawsuit will automatically be part of the claim.
If the 14 billion pound claim was shared equally between the number of eligible claimants, each person could receive more than 300 pounds each, according to a Reuters' calculation.
A lawyer working on the case said Mastercard charged shops fees in excess of 1 percent for card use on international transactions between 1992 and 2008.
Although the EU's anti-trust regulator only ruled Mastercard's international fees were illegal, this impacted British consumers as it was the default fee used in Britain.
Two years ago, the European Union capped the fees retailers pay at 0.2 percent for debit cards and 0.3 percent for credit cards.
Merricks in a statement said the case is a watershed moment for consumer compensation in Britain.
Merricks was head of Britain's financial services ombudsmen for ten years until 2009, helping to settle disputes between consumers and financial services companies.
Britain's banks have been caught in a range of mis-selling cases in the last five years. They have paid 24 billion pounds in compensation for mis-selling loan payment insurance, making it Britain's costliest scandal in financial services.
Consumers no longer living in Britain, but who lived in the country between 1992 and 2008, can opt in to the collective claim against Mastercard.
Any hearing on the case is not expected until early 2018, unless MasterCard settle it out of court.
More Free Newsletters
Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis
Data also provided by
© 2016 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
TheLion.com | About Us | Agreement & Disclaimer | Privacy | Twitter
© 1999- TheLion.com, Inc.