Overview

• A 2016 lawsuit brought by former ombudsman Walter Merricks argued that Mastercard’s interchange fees inflated UK prices between 1992 and 2008, leading to a £200 million out-of-court settlement approved this May.
• Half of the settlement—£100 million—has been ringfenced for consumer compensation, with claims administered by legal services firm Epiq.
• Consumers must have lived in the UK for at least three consecutive months during the specified periods (1997–2008 for England, Wales and Northern Ireland; 1992–2008 for Scotland), been aged 16 or over, purchased goods or services from a UK seller and been resident on 6 September 2016 without opting out.
• Payouts will vary based on participation, with around 2.2 million expected claimants receiving about £45 each and potential maximum awards capped at £70 if fewer people apply.
• Innsworth Advisors will receive a minimum £45.6 million from the settlement, and any unclaimed consumer funds will be donated to the Access to Justice Foundation.