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ARTICLE · 02 FEBRUARY 2022

Merricks v Mastercard: The Litigation Risks For The Financial Services Sector

Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the repercussions of the recent decisions in the Merricks v Mastercard litigation...

United KingdomFinance and Banking
Chris Bushell
Chris Bushell
Ceri Morgan
Ceri Morgan
Sarah Penfold
Sarah Penfold
Daniel Woods
Daniel Woods
Nihar Lovell
Nihar Lovell

KEY POINTS

  • The Supreme Court's judgment in Merricks v Mastercard, and subsequent approval by the Competition Appeal Tribunal of the first application for a collective proceedings order under the UK's competition class action regime, represent a significant development for the future of class actions in this jurisdiction.
  • These decisions will act primarily as a driver for growth of the competition collective proceedings regime, and may lead to a rise in group actions based on alleged competition law infringements against financial institutions (and other corporates).
  • Merricks may also have repercussions for the wider litigation landscape, impacting reform of the existing class actions regime. In particular for consumer collective actions, this would change the litigation risk for consumer-facing industries, such as the financial services sector

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