Mastercard reaches agreement in U.K. suit over card fees

Mastercard (NYSE:MA) reached an agreement in principle regarding a lawsuit brought on behalf of U.K. consumers over card fees, the company said on Tuesday.

The Competition Appeal Tribunal said the entire claim stated by the claimants’ lawyers was about GBP 10B (US$12.7B), according to a Reuters report.Terms of the agreement weren’t disclosed. Reuters reported that a person familiar with the agreement said the settlement was for ~ GBP 200M. Mastercard (NYSE:MA) declined to comment on the amount of the settlement.

The agreement came after nine years of litigation, brought by consumer advocate Walter Merricks on behalf of ~46M adults in the U.K.

“We are pleased to have reached an agreement in principle to put this case behind us,” a Mastercard spokesperson said in an emailed statement to Seeking Alpha. “As the Tribunal reviews the settlement, we will focus our energy on continuing to provide consumers and businesses with what they expect from Mastercard – a great payments experience, strong value and peace of mind.”

Mastercard (MA) stock slipped 0.8% in late Tuesday trading.