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Court reviews Mastercard's settlement
Mint New Delhi
|February 20, 2025
Mastercard Inc. unfairly reduced a £10 billion ($12.6 billion) class action case to a settlement of just £200 million, according to the firm that funded the lawsuit.
The credit-card company "skillfully maneuvered" claimant Walter Merricks and his lawyers by offering an inferior settlement to end the case, according to the litigation funder Innsworth Advisors Ltd.
The lawsuit alleged Mastercard charged consumers and businesses too much to use its cards.
"To the extent that Innsworth's submissions make poorly aimed pot-shots at the negotiation process, they are hopeless," lawyers for Mastercard countered.
"Innsworth's interests lie in maximizing its commercial recovery even if that entails a high-risk gamble," they said arguing the settlement is fair and reasonable.
Esta historia es de la edición February 20, 2025 de Mint New Delhi.
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