Mastercard Inc (NYSE:MA). has agreed in principle to a settlement regarding a legal claim accusing the company of imposing unjustly high fees on card transactions, according to the Financial Times.
This claim was filed on behalf of approximately 46 million consumers in the United Kingdom (TADAWUL:4280). The agreement, aimed at resolving the dispute, was confirmed by Mastercard in a statement released on Tuesday.
The financial services giant expressed its intention to move past this case, although the specifics of the settlement have not been disclosed.
The case in question revolved around allegations that Mastercard's fees on card transactions were excessively high, affecting a vast number of consumers in the UK.
By reaching an in-principle agreement, Mastercard is taking a step towards resolving these long-standing accusations.
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