StubHub has made a U-turn on the no-refund policy it adopted in March 2020 and is offering ticket holders cash refunds for tickets to events that were cancelled due to the COVID-19 pandemic.

The ticketing firm, which was acquired by Viagogo for $4.05bn in 2020, announced this weekend that customers who purchased tickets for events in the US and Canada prior to March 25, 2020 and were defaulted to a 120-per-cent credit when their event was cancelled, now have the choice to keep their credit or default to a cash refund.

Following the change in policy last year, many customers complained and filed lawsuits highlighting how StubHub backed away from its long-standing “Fan Guarantee” refund policy without informing consumers.

StubHub said in a statement that it has opted to offer this now because the live events industry is beginning to reopen with vaccinations accelerating and capacities increasing across stadia.

It also noted that its ability to open discussions with Viagogo has been a part of the decision. This comes as the UK’s Competition and Markets Authority (CMA) confirmed last month it “proposes to accept” a series of promises from the companies, which would include selling off all of StubHub’s business outside North America.

StubHub said: “The return of live events, the input of customers, partners, and regulators, and the opportunity to finally consult with our new parent company all contributed to StubHub’s decision to make this move now.”

Ticketholders can opt to retain their credits, though StubHub will not provide refunds to anyone who bought a ticket after March 25 of last year if an event is cancelled. The credits are valid through the end of 2022.

The ticketing platform said it will keep its impacted events policy in place, with 120-per-cent credit being the only option if an event is cancelled.

In 14 states, including California, Florida, New Jersey and New York, local laws forced StubHub and other resellers to provide cash refunds.