Latest news with #Merricks
Western Telegraph
4 days ago
- Business
- Western Telegraph
Martin Lewis on the 'staggering' £70 Mastercard payout
Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 What is the Mastercard compensation case, and why are people getting £70? Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. Why don't I need to be a customer? The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. How can people register for a share of the compensation? Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
Glasgow Times
5 days ago
- Business
- Glasgow Times
Martin Lewis on the 'staggering' £70 Mastercard payout
Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 What is the Mastercard compensation case, and why are people getting £70? Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. Why don't I need to be a customer? The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. How can people register for a share of the compensation? Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
Yahoo
5 days ago
- Business
- Yahoo
Martin Lewis on 'staggering' £70 Mastercard payout and why millions are eligible
Martin Lewis has highlighted a "staggering" £70 Mastercard payout, following a £200 million settlement - and you don't need to have been a customer to be eligible. Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Millions to receive up to £70 compensation from Mastercard Martin Lewis: How to stop a banking scam with just three digits Martin Lewis on the £20,000 cash rumoured ISA changes Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
Daily Mirror
6 days ago
- Business
- Daily Mirror
Martin Lewis urgent £70 red alert to anyone with a Mastercard
The personal finance guru has issued the advice to anyone who has had a Mastercard - and even those who have never had one Martin Lewis issued an alert this morning, revealing that holders of Mastercards, and even those who have never had one, might be entitled to receive a £70 payout. The consumer finance expert disclosed that Mastercard has settled a court case which could see millions compensated. Lewis took to social media stating: "New MSE Guide. Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court.." has created a detailed guide outlining the implications of the legal ruling, available online. The announcement follows news that countless UK consumers could get up to £70 each as a result of a hefty £200 million settlement approved against Mastercard. The Competition Appeal Tribunal has recently given the green light on the distribution method for the payout, ending a class action litigation tracing back to 2016. Former financial ombudsman Walter Merricks spearheaded the lawsuit post the European Commission's 2007 decision that Mastercard had been charging "multilateral interchange fees" that breached competition law since 1992. Merricks contended that approximately 46 million UK shoppers were overcharged due to improperly imposed fees spanning 15 years from 1992 to 2008. Notably, the surcharges were applied to stores accepting Mastercard payments and not directly to the shoppers. Mr Merricks has accused retailers of hiking prices due to fee surcharges, following the Consumer Rights Act 2015 which ushered in American-style class action lawsuits for UK competition cases. A press release from Mr Merricks announced that millions in the class action could now stake their claim to a slice of the £200 million pot, with individual payouts estimated between £45 and £70. He disclosed that UK shoppers will soon be able to sign up for a payout via an easy online form, even if they never had a Mastercard. Mr Merricks said it was anticipated that registered consumers will receive payments by year's end. Reflecting on the case, Mr Merricks said: "I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. "As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that." Anyone who made a purchase in the UK using a Mastercard between 1992 and 2008 is eligible to make a claim. "The settlement that has today been finally approved represents a fair and just outcome for UK consumers. On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers." Consumers can make a claim at Who is eligible? Consumers are eligible if they lived in England, Wales or Northern Ireland for at least three months between June 1997 and June 2008, and who bought goods or services from UK businesses that accepted Mastercard credit cards. For those who live in Scotland, the starting point is May 1992. It is not necessary to have owned a Mastercard at any point. The judgment ringfences £100 million for consumers, who will have until the end of 2025 to claim. If the expected 5% of claimants – 2.5 million people – come forward, then they will receive £45 each. Should fewer claimants come forward, payments will be capped at £70 per claimant.
South Wales Argus
6 days ago
- Business
- South Wales Argus
Martin Lewis on the 'staggering' £70 Mastercard payout
Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 What is the Mastercard compensation case, and why are people getting £70? Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. Why don't I need to be a customer? The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. How can people register for a share of the compensation? Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
