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.

The litigation funder says it will be challenging the £200 million settlement which was reached on Tuesday, which it argues is "too low and premature".

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.

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 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,

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 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