Jeremy Andrews Speaks With The Times About Mastercard Class Action Settlement

Litigation partner Jeremy Andrews spoke with The Times about the recent Mastercard class action settlement for claims following historic breaches of competition law. The article also discussed how the legal battle between Walter Merricks, a former financial ombudsman, and the US financial services giant has cast doubt over the viability of consumer class actions and third-party litigation funding. 

About £45.6 million of the settlement deal is ringfenced as the minimum return to the litigation funder, Innsworth Advisors, part of a US investment business. The settlement deal and the tribunal’s approval “is unlikely to be the final word,” said Andrews. He noted that Innsworth has hinted at an appeal, while other funders “have warned the decision will have a chilling effect on the market for opt-out collective actions in the UK”. Andrews added that “while that consequence would be welcome news for many, funders and claimant-side counsel are unlikely to leave the field quietly”.