Mastercard sued for $19 billion in UK's biggest ever damages claim

Mastercard is in trouble in the UK.

The payment company is facing a lawsuit that's demanding £14 billion, or $19 billion, that could be distributed to as many as 46 million people, according to Reuters.

Mastercard allegedly charged high fees to stores to process debit and credit payments, passing those fees onto consumers through higher prices. The suit alleges Mastercard allowed this practice between 1992 and 2008.

The $19 billion claim could be the biggest in UK history, the firm behind the suit says.

Mastercard denied the claims of the lawsuit in a statement Friday.

"Now that the claim has been filed, we will take time to review it in detail, however we continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously," the company said. "We deliver real value through the benefits of security, convenience and consumer protection, and we are committed to investing in our payment services in order to continue to meet the rapidly evolving needs of all our customers."

Mastercard's UK and Ireland division president, Mark Barnett, wrote a blog post about the claims directed at Mastercard customers.

He said that Mastercard has faced similar class-action suits in the U.S. that have all been thrown out.

"This is not surprising because consumers derive enormous benefits from our payment technology, both here in the UK, and across the globe," Barnett wrote.

The company says the claim in the UK is based on a European Commission ruling on cross-border transactions, but denies that the ruling could apply to domestic fees there.

The 46 million people who could earn a payout from the lawsuit include anyone living in the UK who used a credit card, cash or checks and was over 16 years old during the time frame of the lawsuit, Reuters said. Those claimants would be automatically included in the suit unless they opt out.