If you are a Visa- MasterCard- or DinersClub-holder, and you have been out of the country any time from February 1, 1996 to November 8, 2006, you are most likely a member of the Settlement Damages Class in the case In re Currency Conversion Fee Antitrust Litigation, MDL No. 1409 (MDL 1409).
Taken from the settlement website:
The lawsuit is about the price cardholders of Visa-, MasterCard-, or Diners Club-branded payment cards were charged to make transactions in a foreign currency, or with a foreign merchant, between February 1, 1996 and November 8, 2006. Plaintiffs challenge how the prices of credit and debit/ATM card foreign transactions were set and disclosed, including claims that Visa, MasterCard, their member banks, and Diners Club conspired to set and conceal fees, typically of 1-3% of foreign transactions, and that Visa and MasterCard inflated their base exchange rates before applying these fees. The Defendants include Visa, MasterCard, Diners Club, Bank of America, Bank One/First USA, Chase, Citibank, MBNA, HSBC/Household, and Washington Mutual/Providian. They deny the Plaintiffs’ claims and say they have done nothing wrong, improper, or unlawful.
The representative Plaintiffs in the MDL Action challenge how the prices of credit and debit/ATM card foreign transactions were set and disclosed, including a claim that Visa, MasterCard, their member banks, and Diners Club conspired to set and conceal markups and fees, typically of 1-3%, on foreign transactions. The Plaintiffs also claim that the amount of these markups and fees and the alleged failure to adequately disclose them violated federal and state antitrust, disclosure, unfair competition, deceptive practices, and consumer protection laws, as well as common law and principles of equity. For more detailed information about the Plaintiffs’ claims, please review the Third Amended Complaint.
This most likely applies to you, so visit the MDL 1409 website to find out how you can get a refund.
Click here and scroll to page 7 to view the official letter to card holders. Click here to view the official notice to settlement class members.
I have a Visa through Bank of America….double trouble.
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Tags: bank of america, citibank, class action lawsuit, credit card fees, dinersclub, foreign exchange, mastercard, MDL 1409, settlement, visa
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