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On 3 December 2024, Walter Merricks (the Class Representative) reached a settlement agreement with Mastercard in which Mastercard agreed to pay £200 million (the “Settlement Sum”) to the Class Representative to distribute to members of the class (referred to as “Represented Persons”). Mastercard agreed to the settlement without any admission of liability. A settlement of collective proceedings requires the approval of the Competition Appeal Tribunal (the “Tribunal”) who will only approve the settlement if it considers it to be “just and reasonable” and in the best interests of the class. Mr Merricks and Mastercard filed a joint application with the Tribunal asking it to approve the settlement on 17 January 2025.
The Tribunal considered the settlement at a hearing that took place from 19 to 21 February 2025. Represented Persons were entitled to make written / oral submissions to the Tribunal on the settlement terms, but no Represented Persons chose to do so. Mr Merricks’ litigation funder was given permission by the Tribunal to intervene and to put forward its arguments in opposition to the settlement. Having heard all the arguments, the Tribunal approved the settlement, stating that “we have no doubt that the settlement at £200 million, on the terms proposed, is just and reasonable”.
On 20 May 2025, the Tribunal handed down its written judgment (here) which will now allow the millions of UK consumers who are part of the class to come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. UK consumers will shortly be able to register to receive a payment by completing a simple online form regardless whether they ever held a Mastercard card. It is expected that payments will be made to consumers who register before year end. Official information on how to claim will be posted on this website in the coming weeks.
The Documents page contains the full non-confidential versions of the documents that were filed with the Tribunal on 17 January 2025, including: (i) the joint settlement application by Mr Merricks and Mastercard; (ii) the settlement agreement; and (iii) the witness statement of Mr Merricks setting out why he considers the settlement to be just and reasonable; and Mr Merricks’ evidence filed in response to the litigation funder’s statement of intervention.