06:56 AM EST, 12/04/2024 (MT Newswires) -- Mastercard ( MA ) has reached an agreement in principle to settle a UK class action lawsuit for 200 million British pounds ($253.4 million), multiple media outlets reported Wednesday.

"We are pleased to have reached an agreement in principle to put this case behind us," a spokesperson for Mastercard ( MA ) was quoted as saying in these reports.

The long-running case was initially estimated to be worth 10 billion pounds in claims over the company allegedly overcharging in card fees, according to these reports.

Mastercard ( MA ) did not immediately respond to an MT Newswires request for comment.