07:47 AM EST, 12/04/2024 (MT Newswires) -- (Updates to include a statement from Mastercard ( MA ) in the second and third paragraphs.)

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 Mastercard ( MA ) spokesperson told MT Newswires in an emailed statement, adding that the British Competition Appeal Tribunal is reviewing the settlement.

Mastercard ( MA ), meanwhile, did not comment on the settlement's reported figure.

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 the reports.