Mastercard has reached an agreement in principle to settle a collective London lawsuit brought on behalf of British consumers over card fees, it said on Tuesday. The global payments processor was facing a lawsuit brought by consumer champion Walter Merricks on behalf of approximately 46 million adults in the United Kingdom.

Mastercard Inc. has agreed in principle to pay around £200 million ($254 million) to settle a UK class action lawsuit, according to a person familiar with the matter.

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 chose to come forward to participate in the distribution of the damages,

A settlement has been reached in the landmark UK collective action against Mastercard over the alleged overcharging of credit card fees that was at one point valued at £17bn. The deal, which is subject to the approval of the Competition Appeal Tribunal (CAT), ends nearly nine years of litigation.

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

A settlement agreement in the pioneering mass consumer claim against payments company Mastercard is already facing a challenge from a funder in the case, the Gazette has learned. The claim, by former financial ombudsman Walter Merricks CBE as class representative of 46 million people,

Mastercard has reached an agreement in principle to settle a groundbreaking legal claim brought on behalf of approximately 46 million UK consumers, who alleged the payments company imposed unfairly hi