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Criticism of the settlement between Mastercard and lawyers representing more than 45 million U.K. consumers was described by a Willkie Farr & Gallagher partner as "funder greed." (Piotr Swat/LightRocket via Getty Images)

Mastercard Settlement Spat Will Test Class Action Regime

The U.K.'s collective action regime will face a new test after the financial backer of a claim against Mastercard over credit card fees criticized a proposed £200 million ($254 million) settlement that would end nine years of hard-fought litigation.

Top Stories

Cerberus Liable For €358M Payment To Sabadell, Judge Rules

One of Spain's largest banks won €358.5 million ($376.5 million) from Cerberus when a London judge ruled Wednesday that the private equity giant wrongly interpreted investment agreements linked to the bank's Spanish real estate portfolios.

PrivatBank Ex-Owner Can't Ease Freeze To Sell Stranded Jets

A London court on Wednesday refused to allow an ex-owner of PrivatBank to sell aircraft stranded in Ukraine after Russia's invasion, concluding the sale may risk breaching a freezing order in a $4.2 billion fraud case.

UK Busts Multibillion-Dollar Russian Money Laundering Ring

The National Crime Agency said Wednesday that it has dismantled two Russian money laundering networks tied to drugs, ransomware and espionage in an international operation with the United States, France and Ireland.

More Diverse Audit Market Will 'Take Time,' Watchdog Says

Britain's top four accounting firms "continue to dominate" and earn almost all the fees in the audit market, even though smaller companies have grown their share in 2023, the accounting watchdog said Wednesday.

JPMorgan Accused Of Unfair Firing Over Spoofing Allegations

A former precious metals trader at JPMorgan has accused his former employer of unfair dismissal, as his lawyer argued on Wednesday that the bank dismissed him to appear tough on fraud after a criminal scandal in 2022.

Austrian Banker Says Brazilian Tax Fraud Allegations 'Risible'

An Austrian banker sought Tuesday to overturn a London court decision allowing his extradition to the U.S. on money laundering charges over his alleged role in a massive corruption scandal involving Brazilian construction conglomerate Odebrecht SA, calling the U.S. government's arguments "risible."

Consumers Settle £10B Mastercard Swipe Fees Class Action

Representatives of more than 45 million U.K. consumers confirmed Tuesday that they had settled a multibillion-pound claim against Mastercard over its fees, which is likely to end one of the first cases to test the boundaries of Britain's collective proceedings regime.

Retailers Argue For Higher Damages Bill In Swipe Fees Trial

Retailers suing Mastercard and Visa argued before the Court of Appeal on Tuesday that their damages bill from alleged unlawful overcharging by the card companies should incorporate continuing losses because the anticompetitive conduct has not yet stopped.

Microsoft Faces £1B Class Action Over Software Overcharging

Microsoft was hit on Tuesday with a class action of more than £1 billion ($1.3 billion) brought on behalf of thousands of U.K. businesses alleging that it overcharged for licensing fees to its Windows Server, a software used in cloud computing.

Motorists Reach £37M Settlement In Shipping Cartel Case

Millions of motorists who allegedly overpaid for their cars have reached a £37.3 million ($47.3 million) settlement against two vehicle shipping companies in an opt-out class action before a trial in January, lawyers representing the group said Tuesday. 

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