The stats say: Mordekaiser is OP
If you head over to lolking, you'll see that Mordekaiser has about a 49% winrate. Winrates are pretty difficult to interpret, but from this you might think Mordekaiser is balanced. You'd be wrong.
Let's head over to leagueofgraphs.com, which provides more useful breakdowns (see the link). Also, let's just look at ranked stats for Platinum and up. At that level, his winrate is about 52%, still not particularly absurd. However, remember that Mordekaiser's W passive basically grants him bonus experience when he's the one last-hitting in a duo lane--that is, when he's "ADC" (he can still be built either AD or AP). Only 51% of his games are actually at ADC, and in those games, he's closer to a 62% winrate. Now, I'm definitely a believer in the idea that winrates aren't everything, but if your winrate in a position is over 60%, I'm more than happy to declare you br0ken. (For comparison, Skarner's winrate peaked at about 63%, and he was considered so overtuned that Riot hotfixed him.)
CertainlyT strikes again XD