HARRISON (dpa-AFX) - A London court, on Friday, has approved Mastercard Inc. (MA)'s 200 million GBP settlement to resolve a high-profile class action lawsuit over card fees, significantly reducing what was once a 10 billion GBP claim. The Competition Appeal Tribunal dismissed objections from litigation funder Innsworth Advisors Ltd., which argued the settlement undervalued the case.
The lawsuit, spearheaded by consumer advocate Walter Merricks, accused Mastercard of imposing excessive fees on consumers and businesses. The settlement translates to approximately 2.27 GBP per claimant among the 44 million affected individuals.
This ruling could have broad implications for the UK's class action landscape, particularly regarding the role of litigation funders. With courts set to review similar cases, the decision may shape future settlements and investor participation in large-scale legal claims.
MA is currently trading at $561.49, down 0.32 percent or $1.79 on the New York Stock Exchange.
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