Mastercard reaches 'agreement in principle' to settle mass UK fees case

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Mastercard reaches 'agreement in principle' to settle mass UK fees case

//business-finance.news-articles.net/content/202 .. nt-in-principle-to-settle-mass-uk-fees-case.html

Published in Business and Finance on Tuesday, December 3rd 2024 at 23:30 GMT by Bill Williamson
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Mastercard has reached an agreement in principle to settle a collective London lawsuit brought on behalf of British consumers over card fees, it said on Tuesday.

Mastercard has reached an agreement in principle to settle a mass lawsuit in the UK, which accused the company of overcharging on fees for transactions between 1992 and 2008. The lawsuit, led by former financial ombudsman Walter Merricks, claims that around 46 million UK consumers were overcharged by about 14 billion pounds ($17.65 billion). The settlement amount was not disclosed, but it is subject to court approval. This agreement aims to resolve one of the largest class actions in UK history, potentially saving Mastercard from a lengthy legal battle. The settlement details will be presented to the Competition Appeal Tribunal for approval, with further information to be provided to the claimants.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/mastercard-reaches-agreement-principle-settle-mass-uk-fees-case-2024-12-03/ ]