Mastercard Wins Approval for 200 Million Euros Settlement
MASTERCARD has won approval for a 200 million euros (S$279.44 million) settlement to end a high-profile class action over the fees it charges, which was initially estimated to be worth more than 10 billion euros.
Competition Appeal Tribunal Rejects Innsworth’s Allegation
The Competition Appeal Tribunal approved the deal on Friday (Feb 21), rejecting the litigation funder Innsworth Advisors’ allegation that the settlement undervalued the claim.
Settlement Terms
“The settlement is being approved subject to finalization” of the details, a judge said. A formal order will be made later.
Background of the Class Action
The challenge by the funder followed a settlement in what was once the country’s largest class action claim over the amount Mastercard charged consumers and businesses to use its cards.
Reactions to the Ruling
Spokespeople for Innsworth and the lead claimant Walter Merricks, who represented about 44 million consumers, did not immediately comment after the ruling. Mastercard’s spokesperson welcomed the tribunal’s decision.
Conclusion
Mastercard has successfully concluded a 200 million euros settlement to end a high-profile class action over its fees. The decision is subject to finalization of the details, and a formal order will be made later.
FAQs
Q: What is the amount of the settlement?
A: 200 million euros (S$279.44 million)
Q: Who is the lead claimant?
A: Walter Merricks, representing about 44 million consumers
Q: What was the initial estimate of the class action’s value?
A: More than 10 billion euros
Q: What was the outcome of the Competition Appeal Tribunal’s decision?
A: The settlement was approved, rejecting Innsworth’s allegation that it undervalued the claim
Q: What is the next step?
A: The settlement is subject to finalization of the details, and a formal order will be made later.
