Litigation funder Innsworth has now accepted £63m to drop its arbitration claim against Merricks, bringing the behemoth Mastercard interchange fees case to a close. The case made legal history as the first opt-out collective action certified by the Competition Appeals Tribunal (CAT).
Innsworth, which put £46m into the claim, sought £179m following Merricks’ decision to settle the case—initially thought to be worth £14bn—for £200m in 2024. However, the CAT has now issued an order facilitating the settlement payment to Innsworth, which means Merricks can prepare to distribute the remainder of Mastercard’s payment among consumers.
Merricks said: ‘I am delighted to report that I have resolved all differences with my funder.
‘After almost 10 years of litigating first with Mastercard and then with Innsworth to get compensation for British consumers, this finally opens the way for me to prepare for distribution of at least £100m to consumers. This is presently the largest amount ever secured from group litigation for the benefit of UK consumers. Most people who are now over 34 and who shopped in supermarkets between May 1992 and June 2008 will be eligible to claim, regardless of whether they ever had a Mastercard card.’
Merricks said he will run a nationwide publicity campaign in the coming months to alert people, followed by a six-month period where consumers can register their claim.
‘The £100m will be divided equally between the people who claim, and the expectation is that consumers should get a minimum of £45, which could rise to as much as £70 depending on the numbers that claim. The payments will be made after the six-month period ends, which will be in the first half of 2027.’
