On February 21, 2025, following a three-day hearing, the Competition Appeal Tribunal ("CAT") approved the £200m settlement of the claim brought by Mr. Merricks on behalf of over 44 million UK consumers against Mastercard in relation to interchange fees charged on certain payment card transactions in the period 1992-2008.1 In contrast to the previous three hearings in which the CAT has considered a settlement of an "opt-out" claim,2 the settlement was challenged by the funder of Mr. Merricks'...