Mastercard ruling: almost every UK adult could receive payout & free money for USA funder?

26
Posted 17th AprEdited by:"splender"
Story source (Guardian) Court of Appeal ruling says previous rejection of claim was wrong.

Abstract:

Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.

The legal action taken by former financial ombudsman Walter Merricks claims that 46 million UK consumers paid higher prices in shops over a 16-year period because of allegedly excessive transaction fees charged by Mastercard.

The action was initially financed by litigation funder Gerchen Keller Capital (Chicago, USA), now owned by Burford Capital (principal offiice principal offices in New York, London and Chicago), which was to provide upfront costs of up to £36m. If successful the funder stood to make whatever was the greater of £135m or 30% of the proceeds of the case up to £1bn, plus 20% of the proceeds over £1bn. A new funder, Innsworth Litigation Funding, has now taken on the case though the financial details have not been made public.

= alledged misbehaving British Mastercard executives in UK, money conscious global lawyers and litigation funders in Chicago want a piece of action in £billions ==> net possible flow of cash from UK to US = £ billions
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splender18/04/2019 08:41

I thought your central core point was, "I watched an in depth interview on …I thought your central core point was, "I watched an in depth interview on it (Mastercard) this morning and its rubbish usual ppi ambulance chasing lawyers?"You now say, "Because visa paid a fine for the same offence the consumer does not get anything back?" Where is your source link for "visa paid a fine for the same offence"? Did you intend to use one company's affairs to be put on another company, please clarify?



I have read too many of your discussion replies in the past to get dragged into your arguements so I have deleted my posts and I withdraw from your game so adios amigo.
Edited by: "fearona" 18th Apr
26 Comments
Genuine question but what are mastercard actually worth?

Can't see it happening for many reasons
“could” = won’t
fearona17/04/2019 11:19

Comment deleted


I'm not sure you've read the article.
They are saying that because of the mastercard fees, shops put up the prices for everyone, cash or credit. Thus everyone has paid more than they should because of this company.
Don't go and spend it just yet .
Pandamansays17/04/2019 12:23

I'm not sure you've read the article.They are saying that because of the …I'm not sure you've read the article.They are saying that because of the mastercard fees, shops put up the prices for everyone, cash or credit. Thus everyone has paid more than they should because of this company.


I'll be amazed if they can prove that.
fearona20 h, 15 m ago

Comment deleted


omg where??? loading up me bandwagon..
Gov complied with European Payment Services Directive 2 in Jan 2018 to outlaw card processing charges, so presumably sue Euro bureaucrats for pressurising merchants to recover the real fees associated with processing card payments by raising retail prices.
AndyRoyd17/04/2019 13:06

Gov complied with European Payment Services Directive 2 in Jan 2018 to …Gov complied with European Payment Services Directive 2 in Jan 2018 to outlaw card processing charges, so presumably sue Euro bureaucrats for pressurising merchants to recover the real fees associated with processing card payments by raising retail prices.


Read the article, this dates back to 1992.
It had been that you paid cash rarther than by credit card, you got 5% off the retail price. In UK, by charging the cash buyer the same as credit card, then the cash buyer is subsdising the credit card buyer as there is a hefty credit card overhead of around 3%.
I just bought £600 online at a Chinese company. If I paid cash or a Chinese cash like system, the £600 was what I would have paid if I had a Chinese cash like payment saccount which I didn't have. So, paying by UK Mastercard, it was a 3% surcharge = £18.
Douglas_Birks17/04/2019 11:27

Genuine question but what are mastercard actually worth?Can't see it …Genuine question but what are mastercard actually worth?Can't see it happening for many reasons



Mastercard
PublicNet incomeUS$3.915 billion (2017)
Total assetsUS$21.329 billion (2017)
Total equityUS$5.497 billion (2017)

..any loss is borne by the shareholders which is unlikely, or financed by investment banks, or by increasing the card charges and recoup from UK card users in operations.

Which then leads to my last point, the customer ultimately pays, as in my OP comment, "...global lawyers and litigation funders in Chicago want a piece of action in £billions ==> net possible flow of cash from UK to US. "
Edited by: "splender" 17th Apr
fearona17/04/2019 12:34

Comment deleted



What's wrong with your so-called "ambulance chasing lawyers"?

The key feature is there is an injured or sick person in the ambulance. The injured or sick person may have redress against a commercial third party.

Therefore, when you and others in general name such act of getting redress as, "ambulance chasing lawyers", do you want:-

1. injured or sick person to get redress? <=========== this means lawyers must chase the ambulance to get the claimant.

2. You don't want the injured or sick person to get redress?

If you suggest 2 as your answer, this inference is sad.
AndyRoyd2 h, 3 m ago

Gov complied with European Payment Services Directive 2 in Jan 2018 to …Gov complied with European Payment Services Directive 2 in Jan 2018 to outlaw card processing charges, so presumably sue Euro bureaucrats for pressurising merchants to recover the real fees associated with processing card payments by raising retail prices.


spoo1 h, 42 m ago

Read the article, this dates back to 1992.


I don't need to. Same concept; different century.
CoeK17/04/2019 12:29

I'll be amazed if they can prove that.



The proof is done by evidence, inter alia,

1. Retailer witness statements on how they had priced their items.
2. Retailer cost accountant may have done some in-house cost/sales analysis for pricing against the cash transactions and card transactions and could provide these documents and minutes of meetings.
3. Customer witness statements
4. Minutes of meetings by retailers on upping prices prices as cash transaction total declines.
5. Sellers have specific quarterly and annual margins, they may have speadsheet modelling to show how price is adjusted.
etc..

I did a lot of number 5 using Excel. and these spreadsheets were filed in company's databases, :How do you compute a selling price if you know the cost and the required gross margin?
splender17/04/2019 14:12

MastercardPublicNet incomeUS$3.915 billion (2017)Total assetsUS$21.329 …MastercardPublicNet incomeUS$3.915 billion (2017)Total assetsUS$21.329 billion (2017)Total equityUS$5.497 billion (2017)..any loss is borne by the shareholders which is unlikely, or financed by investment banks, or by increasing the card charges and recoup from UK card users in operations.Which then leads to my last point, the customer ultimately pays, as in my OP comment, "...global lawyers and litigation funders in Chicago want a piece of action in £billions ==> net possible flow of cash from UK to US. "


Thank you, still can't see the shareholders paying up if they lost though
Going to phone their helpline toot sweet

37485865-UX9Cm.jpg
fearona17/04/2019 14:48

Comment deleted


You said, " 3. You don't want a lawyer to take a big cut."

So, in this case, who can be a non-ambulance chaser law firm?! Which British law firm would take on this at a lower cut?

May I suggest that you proposed an unrealisable option 3, because you want to avoid choosing my stated option of 1, or 2.
Douglas_Birks17/04/2019 19:41

Thank you, still can't see the shareholders paying up if they lost though



In the event of loss, Mastercard shareholders wouldn't pay, this means the UK customers ultimately pay Innsworth Litigation Funding and Mastercard (perhaps Burford Capital too) , namely, export of £billions money from UK and USA (my last statement in my OP comment).
Not going to happen, it would just fizzle out like the vw scandle.
dcx_badass12 m ago

Not going to happen, it would just fizzle out like the vw scandle.



Is this what how you use fizzle out ? (March 2019, Pre-trial hearing to consider (Lawgazette)).
The case is proceeding slowly, for sure, I wouldn't say frizzle out, I would say this case will take around 7 years to resolve as typical.
splender17/04/2019 22:25

In the event of loss, Mastercard shareholders wouldn't pay, this means the …In the event of loss, Mastercard shareholders wouldn't pay, this means the UK customers ultimately pay Innsworth Litigation Funding and Mastercard (perhaps Burford Capital too) , namely, export of £billions money from UK and USA (my last statement in my OP comment).



How will the UK customers pay?
shak18/04/2019 05:58

How will the UK customers pay?

For you personally, if you still don't know, this simple financial rip-off mechanism, hints above, it is safer and more secure for you to stay in happy bliss, and continue to spend without risk of negative thought about Mastercard.
Edited by: "splender" 18th Apr
fearona18/04/2019 08:20

Comment deleted



I thought your central core point was, "I watched an in depth interview on it (Mastercard) this morning and its rubbish usual ppi ambulance chasing lawyers?"

You now say, "Because visa paid a fine for the same offence the consumer does not get anything back?"

Where is your source link for "visa paid a fine for the same offence"?

Did you intend to use one company's affairs to be put on another company, please clarify?
splender18/04/2019 08:41

I thought your central core point was, "I watched an in depth interview on …I thought your central core point was, "I watched an in depth interview on it (Mastercard) this morning and its rubbish usual ppi ambulance chasing lawyers?"You now say, "Because visa paid a fine for the same offence the consumer does not get anything back?" Where is your source link for "visa paid a fine for the same offence"? Did you intend to use one company's affairs to be put on another company, please clarify?



I have read too many of your discussion replies in the past to get dragged into your arguements so I have deleted my posts and I withdraw from your game so adios amigo.
Edited by: "fearona" 18th Apr
fearona1 h, 47 m ago

I have read too many of your discussion replies in the past to get dragged …I have read too many of your discussion replies in the past to get dragged into your arguements so I have deleted my posts and I withdraw from your game so adios amigo.



Adios amigo, it takes two to play in any turn-based game.
splender18/04/2019 07:34

For you personally, if you still don't know, this simple financial rip-off …For you personally, if you still don't know, this simple financial rip-off mechanism, hints above, it is safer and more secure for you to stay in happy bliss, and continue to spend without risk of negative thought about Mastercard.



So you don’t know that UK customers won’t pay?
shak23 m ago

So you don’t know that UK customers won’t pay?


I do know, thank you.
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