In re Currency Conversion Fee Antitrust Litigation (MDL 1409)

Subject to final Court approval, a settlement has been reached in In re Foreign Currency Conversion Fee Antitrust Litigation (MDL 1409). This web site supplies information about the litigation and the settlement, and provides links to relevant documents for Members of the Settlement Classes and others interested in the settlement.

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.

Please note that dates and other materials set forth in the Preliminary Approval Order (PDF: 76.6 KB) and the Stipulation of Settlement (PDF: 420.2 KB) (and/or in its exhibits) have been changed or revised by the Court's Order of September 24, 2007 (PDF: 1.6 MB) and are subject to further change. Please check this website or call 1-800-945-9890 for updates.

Please go to the documents page to view the documents filed with the Court for final approval of the settlement, fees and incentive awards.

Please do not contact the Court, the defendants, or the financial institution that issued your credit, debit, or ATM card.

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Page was last updated on 2/11/2008 at 9:58:58 AM (EST).

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