Mastercard's £200 million settlement of a class action lawsuit brought on behalf of British consumers has been given the greenlight by the Competition Appeal Tribunal.
In December, Mastercard reached a deal with the man behind the case, Walter Merricks, to settle the years-long litigation, which was brought on behalf of tens of millions of Brits over credit card fees.
However, the litigation funder Innsworth Advisors, challenged the settlement saying that it undervalued the claim. Initially, the case was estimated to be worth around £10 billion.
The Competition Appeal Tribunal has now approved the settlement, calling it "just and reasonable" even if "very disappointing" compared to the original claim.
Merricks, the former head of the UK Financial Ombudsman Service, filed the suit in 2016, accusing Mastercard of overcharging Brits for credit card interchange fees.
In December, he said: “I am very pleased that after nearly nine years of litigation with Mastercard, I have agreed to a settlement that I believe will deliver meaningful compensation to class members who choose to come forward to participate in the distribution of the damages.”