Court ruling may pave way for every adult in UK a payout of up to £300 from Mastercard 

Almost every adult in the United Kingdom (UK) could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.

The claim alleges 46 million people paid higher prices in shops than they should have due to high card fees.

Former financial ombudsman Walter Merricks - who is behind the claim - is trying to bring the class action on behalf of all individuals over 16 who were resident in the UK for at least three months between 1992 and 2008 and who bought an item or service from a UK business which accepted Mastercard, reported BBC.

He alleges that fees which Mastercard charged businesses for accepting payments from consumers, known as interchange fees, led to UK consumers paying higher prices on purchases from businesses that accepted Mastercard, the report added.

If the £14bn was awarded and divided between the 46 million eligible people the payout would amount to £300 each.

Mastercard said it continued to "disagree fundamentally with the basis of the claim".

"This decision is not a final ruling and the proposed claim is not approved to move forward; rather, the court has simply said a rehearing on certain issues should happen," it added.

The financial services firm said it was seeking permission to appeal against the ruling to the Supreme Court.