Merricks acted as class representative in the opt-out collective proceedings against the bank over multilateral interchange fees charged by Mastercard between 1992 and 2007. The settlement, agreed in December, was challenged by litigation funder Innsworth Capital as too low.
Approving the settlement last week, however, CAT member Hodge Malek KC said: ‘Mr Merricks has tirelessly fought for the benefit of class members over the last eight years and that is appreciated.
‘The fact that the outcome has been disappointing in the light of how the evidence and the rulings had developed does not detract from that.’
Merricks’ solicitor, Boris Bronfentrinker, partner at Willkie Farr & Gallagher, said: ‘These proceedings started off as a landmark case in setting the foundation for collective actions in the UK and it will end being as equally ground-breaking in a settlement achieved under heavy attack and challenge by the litigation funder.’
