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Top fintech stories this week – 15 September 2017

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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

Wells Fargo settles account-scandal claims but runs afoul of federal regulator

Wells Fargo

Wells Fargo will pay $110 million to settle a class action lawsuit brought by US consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the bank, which has received a dim evaluation from a federal regulator.

Mastercard victorious in UK interchange lawsuit

Law

Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.

MasterCard faces £19bn lawsuit over inflated card charges

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Priceless? Not this time. MasterCard is facing a £19 billion lawsuit (which now has been reduced to £14 billion and filed, as of 8 September 2016) – the biggest in UK legal history – in a collective action over card charges that were passed on to shoppers. The claim is headed by ex-financial services ombudsman […]

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