Mastercard Inc. on Friday welcomed a decision by a U.K. court to block a 14 billion pound ($18 billion) class action suit against the company that alleged it had overcharged more than 45 million Britons over a 16-year stretch. The Competition Appeal Tribunal sided with the card issuer, which argued that the claims were unsuitable to be brought under a collective actions regime. “We welcome the Competition Appeal Tribunal’s judgment refusing certification for the proposed collective action,” the company said in a statement. The suit was brought by law firm Quinn Emanuel Urquhart & Sullivan LLP, and centered on interchange fees, which are charged to the banks of merchants that accept MasterCard debit and credit cards. The firm alleged that Mastercard had set fees at too high a level. Mastercard shares were up 0.6% and have gained 25% in 2017, while the Dow Jones Industrial Average has gained 9%.
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