Mastercard Settles Landmark UK Card Fee Lawsuit

Mastercard has agreed to settle a collective lawsuit in London, resolving a long-standing dispute over card fees for approximately 46 million British consumers. The agreement, pending approval, comes after nearly nine years of litigation and represents a significant development in UK mass consumer action.

In a significant legal development, Mastercard has reached an agreement to settle a substantial lawsuit filed on behalf of about 46 million UK consumers over card fees. This comes as the first mass consumer action to be approved in the United Kingdom.

Consumer advocate Walter Merricks spearheaded the legal battle against the global payments giant, enduring a nearly five-year journey through various courts, including the UK Supreme Court. The recent agreement, announced at the Competition Appeal Tribunal, awaits the tribunal's final approval.

The claim originally valued around 10 billion pounds has reportedly settled for approximately 200 million pounds. Both Mastercard and Walter Merricks expressed relief at reaching this settlement, marking the end of a lengthy legal saga.

(With inputs from agencies.)