Frequently Asked Questions
In re Currency Conversion Fee Antitrust Litigation (MDL 1409)

To view FAQs from the related matter, Ross, et al. v. American Express Co., et al., No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.), please click here.

Spanish Version: Para leer las preguntas con frecuencia hechas en español, chascar aquí.

Status: The Court granted final approval of the settlement in a Memorandum and Order, dated October 22, 2009, and, on November 4, 2009, the Court entered a Final Judgment and Order of Dismissal in this case. Eleven appeals were filed challenging the Court's approval of the settlement. The appeals are now concluded: ten of the eleven appeals were either withdrawn or dismissed, and one appeal was decided against the appellant after briefing and oral argument. Please visit the "Documents" webpage on this website to obtain a copy of the Memorandum and Order and other documents concerning the settlement.

Refunds: On October 5, 2011 the Court entered an Order authorizing the Settlement Administrator to disburse the available settlement funds. Participation in this settlement has been extraordinary, with more than 10,000,000 claims submitted. We request that you remain patient as the Settlement Administrator finalizes the procedures necessary to administer and mail checks for this enormous volume of claims. Please continue to monitor this website for updates concerning the refund process. If you have changed your address, you should send any updated information to the Settlement Administrator.

As a reminder, any claim form postmarked after May 30, 2008 will be deemed untimely and, pursuant to the Court's October 22, 2009 Order, will be disallowed. Due to the large number of claims that were submitted prior to the May 30, 2008 deadline, refund amounts have been adjusted downward (or "pro-rated").

Frequently Asked Questions ("FAQs"): Information concerning the administration and timing of refunds will be posted to this website and in these FAQs. Please be advised that the deadlines concerning the submission of claims, opt-out requests and objections have passed.

• What is the status of this litigation?
• When will refunds be distributed?
• How was the amount of my refund determined?
• Will late claims be accepted?
• Are claims subject to audit?
• What is the status of the appeals?

• What is this lawsuit about?
• What is the plaintiffs' position in the lawsuit?
• Who are the Defendants?
• What is the Defendants' position in the lawsuit?
• What time period is covered by the settlement?
• Who is affected by this settlement?
• What is the settlement?
• What are the amounts of foreign transaction fees estimated to be covered by the settlement?
• What transactions are eligible?
• Do I need to hire a lawyer?
• I received a notice; am I being sued?
• I did not receive a notice. Does that mean I am not a member of the class?
• Am I a member of the settlement class?
• How can I get a copy of the notice?
• How will the settlement affect my rights if it is approved?
• What are my options?

• What if my address or other information changes after I file a claim?
• What were the three Refund Options?
• How will my refund be paid?
• Who will determine the amount to be refunded to me?
• What if I think the amount of my refund is incorrect?
• What did I need to do to ask for a refund?

• What is the status of this litigation?(top)
  On October 5, 2011 the Court entered an Order authorizing the Settlement Administrator to disburse the available settlement funds. The process for issuing claim payments has commenced. Please be advised that due to the large number of claimants, in excess of 10 million, printing and mailing the checks will take some time. The Settlement Administrator estimates that checks will begin to be mailed in early November and will continue to be mailed until the end of the year (December 31, 2011).
  
  To facilitate the mailing process, checks will be issued by geographic region. Therefore, you may learn that a relative or friend has received a check before you because the checks were mailed to the region where your relative or friend lives before any checks are mailed to the region where you live.
  
  We request that you remain patient as the Settlement Administrator administers and mails checks for this enormous volume of claims. If you do not receive a check by January 31, 2012, please contact the Settlement Administrator. If you have a question concerning the amount of your refund, please click here.
  
  If you have changed your address, you should send any updated information to the Settlement Administrator.
  
  Please continue to monitor this website and these FAQs for updates concerning the refund process.
  
  A brief summary of important dates and deadlines is provided below.
  
  On July 20, 2006, the parties to the lawsuit entered into the Stipulation and Agreement of Settlement (the "Settlement Agreement"). On November 8, 2006, the Hon. William H. Pauley III, United States District Court Judge for the Southern District of New York, entered an Order preliminarily approving the Settlement Agreement (the "Preliminary Approval Order") and an accompanying Memorandum and Order.
  
  On November 14, 2006, Bernd Bildstein, plaintiff in Bildstein v. MasterCard International Incorporated, No. 03 Civ. 9826 (SDNY, NY) (WHP), a case coordinated with CCF I, filed a Notice of Appeal from the grant of preliminary approval and on or about November 22, 2006, he filed his Pre-Argument Statement. On June 6, 2007, the United States Court of Appeals for the Second Circuit stayed the appeal pending final approval of the Settlement Agreement.
  
  Notice to class members of the settlement commenced in January 2007. Notice included mailed notices sent to individual cardholders and mailed notices sent to corporate and government agency cardholders. For certain cardholders, notices were included with their monthly statements from the defendant banks.
  
  On September 24, 2007, the Court entered an order approving a revised schedule, a new publication plan, revised notices, new claim forms, a Revised Class and Settlement Notice Plan (Ex. G to the Settlement Agreement) and a Revised Plan of Administration and Distribution (Ex. H to the Settlement Agreement). A copy of this order can be found by clicking here to the 9/24/07 order.
  
  In late November 2007, the revised notices and claim forms were mailed to all identified customers of the defendant banks who had a foreign transaction on a personal account during the class period. Other class members were able to obtain a notice by going on-line at www.ccfsettlement.com or by mailing your request to the Settlement Administrator.
  
  The Court set a deadline of May 30, 2008, to file claims for a refund.
  
  The Court set a deadline of February 14, 2008 to exclude yourself from the settlement by submitting the "opt-out" form letter.
  
  The Court set a deadline of February 14, 2008 to object to the settlement.
  
  The Court granted final approval of the settlement in a Memorandum and Order, dated October 22, 2009, and, on November 4, 2009, the Court entered a Final Judgment and Order of Dismissal in this case.
  
  On October 5, 2011, the Court entered an Order authorizing the Settlement Administrator to disburse the available settlement funds.
  
  Since the expiration of the claims submission period on May 30, 2008, the Settlement Administrator has been auditing and validating claims. Please be advised that any claims postmarked or faxed after May 30, 2008 will be considered late and, pursuant to the Court's October 22, 2009 Order, will be disallowed. Also note that due to the large number of claims that were submitted prior to the May 30, 2008 deadline, refund amounts have been adjusted downward (or "pro-rated"). Please continue to check this website for additional information about the settlement and claims administration as it becomes available.
• When will refunds be distributed?(top)
  On October 5, 2011 the Court entered an Order authorizing the Settlement Administrator to disburse the available settlement funds. The process for issuing claim payments has commenced. Please be advised that due to the large number of claimants, in excess of 10 million, printing and mailing the checks will take some time. The Settlement Administrator estimates that checks will begin to be mailed in early November and will continue to be mailed until the end of the year (December 31, 2011).
  
  We request that you remain patient as the Settlement Administrator administers and mails checks for this enormous volume of claims.
• How was the amount of my refund determined?(top)
  Two factors affected the amount of the refund you received:

  1. the Refund Option you selected, and
  2. the fact that a reduction of your refund amount was required based on the amount of available settlement funds to pay all valid claims.

  Because the combined amount of all valid claims was greater than the amount of available settlement funds, all claims, including yours, have been reduced pursuant to the Court-approved Revised Plan of Administration and Distribution.
  
  The refund amount for your claim was determined in two steps.
  
  In the first step, the Settlement Administrator calculated a "preliminary payment calculation." The preliminary payment amount depended on which Refund Option you selected. Briefly, as a reminder, class members could choose one of three Refund Options:

  • Assuming sufficient funds, Refund Option 1 provided a refund of $25 (i.e., a set amount). Please note that the amount paid to Refund Option 1 claimants is the minimum amount paid to all valid claimants. That is, no claimant received less than the Refund Option 1 amount (after the required pro-rata reduction).
  • Refund Option 2 provided an estimated refund amount derived from an algorithm that used travel information (e.g., number of days of travel during the period and the purpose for such travel) provided by the claimant.
  • Refund Option 3 provided an estimated refund amount using the dollar amount of foreign transactions incurred on each of the claimant's credit and/or debit/ATM cards during the claim period.

  For more information about the Refund Options, click here.
  
  The Settlement Administrator determined the preliminary payment amount for all of the valid claims. Please note that more than 10 million valid claims were submitted by class members.
  
  In the second step, the Settlement Administrator determined the final amount of your refund. This step required the Settlement Administrator to compare the combined preliminary payment amount calculated for all of the valid claims to the amount of available settlement funds. The purpose of this comparison was to find out whether each claimant's preliminary payment amount (i.e., the amount calculated per the first step described above) must be reduced.
  
  Because the combined preliminary payment amount for all 10 million-plus valid claims was greater than the amount of available settlement funds, all claims – including your claim – were reduced as required by the Court-approved Revised Plan of Administration and Distribution.
  
  The check you received is your final refund amount as determined by the Settlement Administrator after conducting the steps described above.
  
  If you still have questions concerning your refund, please click here to contact the Settlement Administrator.
• Will late claims be accepted?(top)
  Any claim form postmarked after May 30, 2008 will be deemed untimely and, pursuant to the Court’s October 22, 2009 Order, will be disallowed.
• Are claims subject to audit?(top)
  Yes, the Settlement Administrator has now completed the audit process, as described in the Status Report Concerning the Auditing of Claims and the Settlement Administration Process. If your claim was selected for audit, you were sent an audit letter by the Settlement Administrator requesting information and documentation regarding your claim.
  
  Please keep proof of your eligible transactions or other documentation used to complete the claim form until your claim has been processed. By submitting a claim, you authorized your bank and the Settlement Administrator to provide and share information to verify your status or claim.
  
  Any correspondence concerning a claim will be sent by the Settlement Administrator using the address or contact information provided by the claimant. Please make sure your address or contact information is current.
  
  If you have changed your address, please send any updated information to the Settlement Administrator.
  
• What is the status of the appeals?(top)
  All of the appeals are now concluded.
  
  By way of background, after the District Court entered a Final Judgment and Order of Dismissal, on November 4, 2009, approving the settlement, a total of eleven appeals were filed. The parties defended the settlement against these appeals before the United States Court of Appeals for the Second Circuit.
  
  Ten of the eleven appeals have been withdrawn or were dismissed. Another appeal was concluded when, on December 16, 2010, following briefing and oral argument, the Court of Appeals entered a summary order against the appellant (i.e., denying the appeal).
  
  On October 5, 2011, the Court entered an Order authorizing the Settlement Administrator to disburse the available settlement funds. The process for issuing claim payments has commenced. Please be advised that due to the large number of claimants, in excess of 10 million, printing and mailing the checks will take some time. The Settlement Administrator estimates that checks will begin to be mailed in early November and will continue to be mailed through to the end of the year (December 31, 2011).
  
  We request that you remain patient as the Settlement Administrator administers and mails checks for this enormous volume of claims. If you do not receive a check by January 31, 2012, please contact the Settlement Administrator. If you have a question concerning the amount of your refund, please click here.

• What is this lawsuit about?(top)
  In this case (In re Currency Conversion Fee Antitrust Litigation, MDL No. 1409 (the "CCF I"), Plaintiffs challenge the setting and disclosure of markups and fees imposed on transactions made in a foreign currency or a foreign country. Foreign transactions made on any of the following cards are included in this lawsuit: Visa- and MasterCard-branded credit cards (including charge cards) and debit/ATM cards (including stored value and payroll cards), and Diners Club-branded credit cards (including charge cards). The Visa-branded cards include Visa-, Interlink-, and Plus-branded credit and debit/ATM cards; the MasterCard-branded cards include MasterCard-, Cirrus-, and Maestro-branded credit and debit/ATM cards. The lawsuit includes the following types of transactions: purchases, cash advances, cash withdrawals and internet transactions (including internet transactions made in the U.S. but with a foreign merchant).
  
  This website is intended to provide information responsive to most questions. Details are provided below regarding who you should contact if you have questions about this case which are not answered here. Please do not contact the Court, the Defendants, or your bank with questions about this case which are not answered here.
• What is the plaintiffs' position in the lawsuit?(top)
  The representative Plaintiffs in CCF I 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.
• Who are the Defendants?(top)
  The Defendants are: Visa, MasterCard, Bank of America, Bank One/First USA, Chase, Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian, as well as certain affiliated and predecessor companies.
• What is the Defendants' position in the lawsuit?(top)
  Defendants deny the Plaintiffs' claims and contend that their markups and fees were properly established and disclosed. They have chosen to settle this case to avoid the inconvenience, expense and uncertainty of litigation.
• What time period is covered by the settlement?(top)
  February 1, 1996 through and including November 8, 2006.
• Who is affected by this settlement?(top)
  Any person who held a Visa-, MasterCard- or Diners Club-branded credit, charge or debit/ATM card issued in the United States as of November 8, 2006 is a member of the Settlement Injunctive Class. Those persons who made a foreign transaction on at least one of those cards between February 1, 1996 and November 8, 2006 are members of the Settlement Damages Class. Only members of the Settlement Damages Class were allowed to seek refunds by submitting a claim. If you are only a member of the Settlement Injunctive Class because you did not make a foreign transaction between February 1, 1996 and November 8, 2006, you will still benefit from the settlement, which requires certain disclosures to cardholders concerning the rate used to calculate the U.S. dollar amount owed for a foreign transaction and any fees applied in connection with a foreign transaction.
• What is the settlement?(top)
  Defendants have created a settlement fund of $336,000,000 to pay valid claims, attorneys' fees and expenses, any service awards to class representatives ordered by the Court, and the costs of administering the settlement and notice. This settlement also includes certain agreements relating to disclosures on billing statements and other documents about foreign transaction pricing (including foreign transaction fees). For more detailed information about the settlement, please review the Settlement Agreement.
• What are the amounts of foreign transaction fees estimated to be covered by the settlement?(top)
  Plaintiffs estimate that the maximum total amount of foreign transaction fee revenues covered by the settlement is approximately $3.8 billion after reductions for fraud and for defaults on credit card obligations. This $3.8 billion amount includes relevant fees paid on both credit and debit card transactions by members of the Settlement Damages Class from February 1, 1996 through November 8, 2006. The $336 million gross settlement fund represents approximately 9% of the maximum total amount of foreign transaction fees so estimated.
  
  The amounts of foreign transaction fees involved in the litigation could be significantly lower than $3.8 billion if the case were not settled and proceeded to trial. The proposed Settlement Damages Class is larger than the damages class sought by Plaintiffs in the underlying litigation. Furthermore, the amounts of foreign transaction fees involved in that litigation depend upon a variety of factors, including appeals before the United States Court of Appeals for the Second Circuit (which appeals have been stayed subject to final approval of the settlement). For example, the trial court in this matter ruled that many cardholders would be required to arbitrate their claims instead of pursuing them in court. Both the Plaintiffs and Defendants appealed this ruling, and those appeals were pending at the time of the settlement. An appellate order upholding the trial court's ruling would remove from the litigation a substantial portion of the foreign transaction fees described above. And an appellate court order in Defendants' favor could remove even more, or substantially all, of the foreign transaction fees from the litigation and require those cardholders to pursue their claims only in arbitration.
  
  In addition, there is disagreement between the parties as to what portion, if any, of the amounts of foreign transaction fees involved would constitute damages in the litigation even if the case proceeded and Plaintiffs won at trial. Defendants maintain that they did nothing wrong, unlawful or improper and therefore there is no liability. They also say that even if Plaintiffs proved liability, damages would be sharply limited or eliminated altogether by a number of factors including, without limitation, the prices that would have prevailed in the marketplace in the absence of the challenged conduct, the benefits provided to cardholders, Defendants' costs, and Defendants' changed business practices. Plaintiffs contend that, even accounting for Defendants' changed business practices and purported costs and benefits to cardholders, the potential damages are as high as the total amount of foreign transaction fees collected.
• What transactions are eligible?(top)
  The lawsuit includes the following types of foreign transactions: purchases, cash advances, cash withdrawals and other transactions, such as internet transactions. Transactions made in a foreign currency are eligible. Transactions with foreign merchants are also eligible, even if made in U.S. dollars, so long as an additional amount was charged for the transaction by the card issuer or by Visa, MasterCard, or Diners Club. (Transactions with foreign merchants include internet transactions made in the U.S. but with a foreign merchant, as well as transactions at non-U.S. ATMs.) Transactions must have been made between February 1, 1996 and November 8, 2006 and using a Visa-, MasterCard- or Diners Club-branded card to be eligible for a refund from this settlement.
• Do I need to hire a lawyer?(top)
  The Court has appointed the lawyers listed below to represent class members. You do not have to hire your own lawyer. But you can if you want to, at your own cost.

  Merrill G. Davidoff
  Berger & Montague, P.C.
  1622 Locust Street
  Philadelphia, PA 19103
  
  Bonny E. Sweeney
  Robbins, Geller, Rudman & Dowd LLP
  655 West Broadway, Ste. 1900
  San Diego, CA 92101
• I received a notice; am I being sued?(top)
  No.
• I did not receive a notice. Does that mean I am not a member of the class?(top)
  Not necessarily. Any person who held a Visa-, MasterCard- or Diners Club-branded credit, charge or debit/ATM card issued in the United States as of November 8, 2006 is a member of the Settlement Injunctive Class. Those persons who made a foreign transaction using a Visa-, MasterCard-, or Diners Club- branded credit, charge or debit/ATM card between February 1, 1996 and November 8, 2006 are members of the Settlement Damages Class.
• Am I a member of the settlement class?(top)
  Any person who held a Visa-, MasterCard- or Diners Club-branded credit, charge or debit/ATM card issued in the United States as of November 8, 2006 is a member of the Settlement Injunctive Class. Those persons who made a foreign transaction using a Visa-, MasterCard-, or Diners Club- branded credit, charge or debit/ATM card between February 1, 1996 and November 8, 2006 are members of the Settlement Damages Class.
• How can I get a copy of the notice?(top)
  You may obtain a copy of the notice by clicking on the following link Notice or by mailing your request to the Currency Conversion Fee Antitrust Litigation Settlement Administrator at P. O. Box 290, Philadelphia, PA 19105-0290.
  
  Please note that the date to file a claim, opt-out of the settlement or object to the settlement has passed.
• How will the settlement affect my rights if it is approved?(top)
  Because the Court granted final approval of the settlement, all members of the Settlement Injunctive Class are bound by the settlement. Also, due to final approval, all members of the Settlement Damages Class who did not opt out are bound by the settlement and have released all claims, known or unknown, against each of the Defendants, each of the Visa and MasterCard member banks, and the related entities and individuals of each of the above, (1) which in whole or in part arise out of or relate to any Foreign Transaction, or the disclosure or pricing thereof, up to November 8, 2006, including, without limitation, any and all claims that are based in whole or in part on any act, agreement, conduct or omission up to November 8, 2006 that has or had, and/or allegedly has or had, the purpose or effect of fixing, inflating, embedding, concealing, or inadequately disclosing the nature, pricing, or any other aspect of any Credit Card Foreign Transaction or Debit Card Foreign Transaction (including, but not limited to, Foreign Transaction Fees, Base Exchange Amounts, and/or any component of either), or (2) which are, have been, or could have been asserted within the scope of the facts asserted in the Litigation. For more information about this release, including certain limitations and defined terms, see the Settlement Agreement. And for more information about the facts that were asserted in the litigation, please see the Third Amended Complaint and other litigation materials available on the website or by mailing your request to the Currency Conversion Fee Antitrust Litigation Settlement Administrator at P. O. Box 290, Philadelphia, PA 19105-0290.
• What are my options?(top)
  Please note that any claim form postmarked after May 30, 2008 will be deemed untimely. Also note that due to the large number of claims that were submitted prior to the May 30, 2008 deadline, refund amounts have been adjusted downward (or "pro-rated"). The information provided in the FAQs about the claim submission procedure is retained for reference.
  
  If you made a transaction (purchase, cash advance, cash withdrawal or internet transaction) in a foreign currency on a Visa-, MasterCard- or Diners Club-branded credit, charge or debit/ATM card issued in the United States at any time from February 1, 1996 to November 8, 2006, you may be a member of the Settlement Damages Class. Members of the Settlement Damages Class may (1) ask for a refund and/or object to the settlement, OR (2) request to be excluded from the settlement. If you do not request to be excluded from the settlement, you are bound by the settlement and you release certain claims against the Defendants.
  
  If you held a Visa-, MasterCard- or Diners Club-branded credit, charge or debit/ATM card issued in the United States as of November 8, 2006, you are a member of the Settlement Injunctive Class. If you are not also a member of the Settlement Damages Class, you may not ask for a refund or request to be excluded from the settlement. You may, however, object to the settlement.
  
  Please note the following deadlines:

  • The deadline for asking for a refund was: 11:59 p.m. Eastern Time, May 30, 2008 (deadline for filing on-line, for postmarking your mailed claim form, or for faxing your claim form).
  • The deadline for asking to exclude yourself from the class was: 11:59 p.m. Eastern Time, February 14, 2008 (deadline for post-marking your mailed opt-out form, or for faxing your opt-out form)
  • The deadline for objecting was: February 14, 2008

• What if my address or other information changes after I file a claim?(top)
  You may change information to your previously submitted claim. To do this, please mail us a letter explaining the information that needs to be changed. The mailing address is:
  
  Currency Conversion Fee Antitrust Litigation
  Settlement Administrator
  P.O. Box 290
  Philadelphia, PA 19105-0290
• What were the three Refund Options?(top)
  Class members were able to choose one of three Refund Options.
  
  Refund Option 1 provided an easy refund of $25, if sufficient funds were available.
  
  Refund Option 2 was based on typical spending patterns during travel outside of the U.S. Claimants who chose Refund Option 2 provided an estimate of the number of days they spent outside of the U.S. during the class period and the frequency of their travels for the purpose of business, visiting friends or relatives, vacation/leisure, or other travel purpose. Travel purpose and time outside the U.S. are factors captured in the U.S. Department of Commerce annual Survey of International Air Travelers, and can be used as predictors of trip expenditures outside of the U.S. The Settlement Administrator calculated the amount of the refund under Refund Option 2 using an algorithm. The algorithm was designed to provide an estimate of a Claimant's refund using the information supplied in the Claimant's Refund Option 2 claim form and other data, including from the U.S. Department of Commerce's survey noted above. The algorithm calculation for a Refund Option 2 claim was based on a 1% foreign transaction fee.
  
  Refund Option 3 used the claimant’s credit and/or debit/ATM card(s) and the applicable dollar amount of the foreign transaction fees (apart from any alleged increase in base exchange rates), as set forth in the Revised Plan of Administration and Distribution.
  
  The final amount of the refunds for all claims, regardless of the option chosen, depended on the amount of money available to pay claims and the number and total dollar value of all valid claims filed. Because the combined value of all the valid claims exceeded the available amount in the settlement fund, all claims were reduced pursuant to the Court-approved Revised Plan of Administration and Distribution.
• How will my refund be paid?(top)
  Eligible refunds will be paid by check to the primary cardholder on the account.
• Who will determine the amount to be refunded to me?(top)
  A third party administrator will review all claims and determine the refund amounts.
• What if I think the amount of my refund is incorrect?(top)
  Within 45 days of receiving your refund, send to the Settlement Administrator at the address listed below a notice requesting a review of your refund, which must include a statement of reasons for contesting the amount of the refund. Include any documentation necessary to support your position.
  
  Currency Conversion Fee Antitrust Litigation
  Settlement Administrator
  P.O. Box 290
  Philadelphia, PA 19105-0290
  
  Or contact us through our website here.
• What did I need to do to ask for a refund?(top)
  (The claim submission period ended on May 30, 2008. The information provided in the FAQs about the claim submission procedure is retained for reference.)
  
  You needed to complete and submit a claim form prior to the deadline, either on-line at www.ccfsettlement.com/claim, or by mailing or faxing in the form. Please note that the filing period ended on May 30, 2008.

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Current status last updated January 31, 2012

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