UK consumers could receive up to £70 each following a £200m settlement approved by the Competition Appeal Tribunal against Mastercard.
The lawsuit concerns transaction fees imposed on businesses from 1992 to 2008, leading to higher retail prices for shoppers.
Former financial ombudsman Walter Merricks initiated the legal action, alleging that Mastercard’s fees violated competition laws.
The European Commission’s 2007 ruling on the fees paved the way for Merricks’ class action, culminating in the recent tribunal approval.
£100m of the settlement is earmarked for consumer claims, with eligibility criteria based on residency and purchases from UK retailers accepting Mastercard.
An online portal will facilitate claims, with potential payouts ranging from £45 to £70 per eligible individual. Unclaimed funds will support legal aid charities through the Access to Justice Foundation, benefiting initiatives for vulnerable groups.
Mastercard chose not to comment on the ruling, while Mr. Merricks sees the outcome as rectifying years of alleged overcharging for UK consumers.
