Mastercard announced it has reached an agreement in principle to settle a collective London lawsuit concerning card fees. The lawsuit was brought on behalf of approximately 46 million adults in the United Kingdom by consumer champion Walter Merricks.
This development marks a significant step towards resolving a long-running legal challenge that became the first mass consumer action to be approved in the UK in 2021. The case had progressed through various legal stages, including the UK Supreme Court.
While the specific terms of the settlement were not disclosed, this agreement removes a substantial legal overhang for Mastercard. Resolving such a large-scale litigation reduces potential financial liabilities and provides greater certainty for the company's operations in the UK market.
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