Millions of UK consumers may receive £70 payout after Mastercard lawsuit

Key facts

• Millions of UK consumers may receive around £70 each.
• The payout follows a class-action lawsuit against Mastercard.
• The lawsuit centered on interchange fees charged to businesses.
• These fees were allegedly passed on to consumers through higher prices.
• The Competition Appeal Tribunal approved a settlement on Tuesday.
• Unclaimed funds will be donated to the Access to Justice Foundation.

Millions of consumers in Britain are set to receive a payout of around £70 each following the approval of a class-action lawsuit settlement against Mastercard. The Competition Appeal Tribunal gave the green light to the settlement on Tuesday.

The case was initiated by Mr Merricks, who alleged that Mastercard's "multilateral interchange fees" were unlawfully high. These fees, charged to retailers for processing card transactions since 1992, were passed on to consumers in the form of higher prices, according to the claim. Mr Merricks contended that approximately 46 million shoppers in Britain were overcharged as a result.

Mastercard's practices had previously been found to infringe competition law by the European Commission in 2007. The settlement will allow consumers to register for their payout via an online form. Any funds that remain unclaimed after the payout period will be directed to the Access to Justice Foundation, which works to support charities that improve access to justice.