MasterCard slapped with $18.6B lawsuit

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A new lawsuit alleges MasterCard charged illegally high fees in the U.K. from 1992 to 2008.

MasterCard is facing a gargantuan lawsuit over claims it ripped off U.K. consumers by charging illegally high fees on store transactions for well over a decade.

The class action lawsuit — one of the first ever launched in the U.K. — was filed Thursday. It claims MasterCard (MA) should pay 14 billion pounds ($18.6 billion) to millions of British people for imposing unlawful card charges between 1992 and 2008.