After nearly a decade of legal battles, the Competition Appeal Tribunal has approved a £200 million settlement in a class action lawsuit against Mastercard.
The case, led by former financial ombudsman Walter Merricks, alleged that Mastercard’s historic fees on UK businesses between 1992 and 2008 resulted in inflated prices for shoppers. Now, up to 46 million people may be eligible for compensation without ever having owned a Mastercard.
So What?
Here’s why this matters:
-
You might be owed money. If you lived in England, Wales, or Northern Ireland for at least three months between June 1997 and June 2008 and bought anything from a UK business that accepted Mastercard, you could claim up to £70.
-
You don’t need a Mastercard. The fees were charged to businesses, not consumers, but the court agreed that businesses passed those fees on to customers through higher prices.
-
It’s one of the biggest consumer settlements in UK history. A legal fight that started in 2007 with an EU ruling on Mastercard’s anticompetitive behaviour is now putting real money back in people’s pockets.
Quick link: UK Inflation Jumps to 3.5% in April
Key Implications
-
Landmark win for consumer rights: The case shows that companies can be held accountable for practices that indirectly harm everyday shoppers.
-
Class action suits in the UK gaining ground: The success of Merricks’ claim could open the door for more collective redress cases in the future.
-
Timing is key:Consumers must register before the end of this year to claim. If fewer people apply, payouts will be higher up to £70 per person.
Takeaways
-
Check your eligibility. If you lived in the UK and shopped during the relevant time frame, you likely qualify.
-
No proof of purchase or Mastercard ownership required.
-
An online form will soon be available for easy registration.
-
Only 5% of eligible claimants are expected to come forward, so your payout could be more than £45.
Quick link: George Wendt’s Passing Leaves a Cheers-Sized Hole in Our Hearts
Final Thoughts
This ruling is a big win for UK consumers who unknowingly paid more for everyday goods due to hidden corporate fees. It’s not just about the money, it’s about justice, fairness, and the power of collective action.
For most of us, a surprise £70 in your bank account sounds pretty good. But the bigger story? Consumers are finally being heard and compensated for years of quietly absorbed costs.
Stay Ahead Effortlessly with SoWhat?
Want to stay informed without endless scrolling? SoWhat? is your AI-powered insights assistant, delivering concise, personalised reports on world events straight to your inbox—every 24 hours. Stay sharp. Stay informed. Get your free daily report HERE.
