Finance
Mastercard to Settle UK Overcharging Suit for £200 Million
- Class action lawsuit was initially worth at least £10 billion
- Litigation funder warns the settlement is premature and low
Mastercard Inc. has agreed in principle to pay around £200 million ($254 million) to settle a UK class action lawsuit, according to a person familiar with the matter.
The credit card provider was facing a lawsuit worth at least £10 billion — which would have made it the largest-ever claim of its kind. The suit came from Walter Merricks, the former head of the UK’s Financial Ombudsman Service, who represented roughly 46 million consumers. The UK courts gave the green light to the suit in 2021.