Lawsuit Against Mercado Pago for Abusive Interest Rates

Mercado Pago is facing a legal action for charging abusive interest rates, initiated by two consumers. The Financial Consumers Association of the Argentine Republic (ACFRA) estimates that the rates exceed 1300% annually. The lawsuit was filed by lawyer Diego Espasandín in Court No. 24 of the City of Buenos Aires. ACFRA is supporting the affected parties in their claim against Mercado Libre S.R.L., the owner of Mercado Pago. The legal action seeks to review the amounts charged and to refund the sums collected improperly. It is estimated that up to seven million users could be affected. ACFRA hopes that a favorable resolution will benefit other users in similar situations. The claim focuses on the interest charged over the last three years and the recovery of improperly received amounts. Espasandín indicated that many consumers resorted to credit to solve economic problems and faced excessive financial costs.

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