The intersection of Cloud, Capital Markets and Mobility

Justin List

Subscribe to Justin List: eMailAlertsEmail Alerts
Get Justin List: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn

News Feed Item

Class Members May Select One of Three Refund Options in the In re Currency Conversion Fee Antitrust Litigation settlement.

Class Members May Select One of Three Refund Options in the In re Currency Conversion Fee Antitrust Litigation settlement.

PHILADELPHIA, Jan. 21 /PRNewswire/ -- Berger & Montague, P.C. and Coughlin Stoia Geller Rudman & Robbins, LLP, Co-Lead and Co-Class Counsel for the plaintiffs in the In re Currency Conversion Fee Antitrust Litigation class action suit, announced the following:



If potential class members (individuals, companies, and agencies) used a Visa or MasterCard credit or debit/ATM card, or a Diners Club credit card (including charge cards) to make a foreign transaction between February 1, 1996 and November 8, 2006, they could get a refund from a class action settlement.

The lawsuit (called In re Currency Conversion Fee Antitrust Litigation) claims that Visa, MasterCard, their member banks, and Diners Club conspired to set and hide the price of foreign transactions (including fees, typically 1 - 3 %) in violation of federal and state law, and that Visa and MasterCard inflated their base exchange rates before applying these fees. The Defendants (Visa, MasterCard, Bank of America, Bank One/First USA, Chase, Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian) deny these claims.

The settlement provides $336,000,000 to pay claims, the costs of administering the settlement and notice, and court-awarded attorneys' fees (up to 27.5% of the estimated $313,000,000 expected to remain in the settlement fund after deducting costs for administration and notice, plus interest and expenses) and awards for the class representatives. The Defendants also agreed to maintain certain disclosure-related practices for a period of time. If approved, the settlement will bind class members. If persons and entities are eligible to make a claim and do not opt out, they will release all claims related to any foreign transaction, or the subject matters of the lawsuit, against the Defendants, the member banks, and related entities and individuals. Claims in other cases involving foreign transactions will also be extinguished, but they can still make a claim here, if eligible for a refund. Settlement agreements have also been signed in some of these other cases. These agreements include payment of fees and expenses to attorneys, some of whom have represented the Plaintiff in Schwartz v. Visa (CA). These payments will not reduce the $336,000,000 settlement.

All class members who made a foreign transaction with a Visa, MasterCard, or Diners Club credit or debit/ATM card between February 1, 1996 and November 8, 2006 are eligible for a refund. The amount of the refund will depend on which claim form is chosen (only one claim form may be submitted), the amount of total claims, the dollar value of the claim, the bank that issued their card, and the amount of money available to pay claims. Class members might only get a partial refund.

Class members may select one of three claim form options. Refund Option 1 is an Easy Refund of $25 and is recommended if you had foreign transactions of less than $2,500 using your eligible cards during the class period. Refund Option 2 is a Total Estimation Refund that is based on typical spending during travel and answers to the few questions listed on the claim form. This option is recommended if you had foreign transactions of more than $2,500 using your eligible cards during the class period. Refund Option 3 is the Annual Estimated Refund option. It is recommended if you had extensive foreign travel or foreign transactions and are willing to provide year-by-year information. Please note that if the volume of claims is unexpectedly high, it may be necessary to adjust the refund amounts. Class members are encouraged to visit the settlement website,, to review a set of Frequently Asked Questions (FAQs) which contain helpful information about how to submit a claim.

Class members do not need to go to court but may if they want to. Class members may also hire an attorney, at their own cost, if they want to. The court hearing to decide whether to approve the settlement is on March 31, 2008 at 11:00 a.m. at the U.S. District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007-1581. If class members plan to go, they are advised to check with the court to confirm the time and date.

This notice is only a summary. Please do not contact the Court, the Defendants or your bank with questions about this case. For answers to common questions and more information, including the amounts of transaction fees involved, visit: For recorded information, call: 1-800-945-9890.

You may obtain a copy of the claim form online at or by calling 1-800-945-9890. You may file a claim for a refund at the website listed above or mail the claim to the Settlement Administrator at P. O. Box 290, Philadelphia, PA 19105-0290. Agencies and companies should visit the website to obtain details for submitting an Agency/Company claim form (alternatively, they may contact the Settlement Administrator at 1-877-451-2124). The deadline for claims is May 30, 2008.

Berger & Montague, P.C.

CONTACT: Merrill G. Davidoff, Esq. of Berger & Montague, P.C.,
+1-215-875-3000; or Bonny Sweeney, Esq. of Coughlin, Stoia, Geller, Rudman &
Robbins LLP, +1-619-231-1058

Web site:

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.