In re Currency Conversion Fee Antitrust Litigation (MDL 1409)
A Court-approved settlement has been reached in In re Foreign Currency Conversion Fee Antitrust Litigation (MDL 1409). This website 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 go to the frequently asked questions (FAQs) section to obtain information concerning the current status of the settlement and refunds for valid timely claims in In re Currency Conversion Antitrust Litigation (MDL 1409), and for information concerning the proposed settlement in Ross, et al. v. American Express Co., et al., No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.) click here.
Please go to the documents page to view the important documents pertaining to the settlement in In re Currency Conversion Antitrust Litigation (MDL 1409), including the Stipulation of Settlement and the Final Judgment and Order of Dismissal and to view the important documents pertaining to the proposed settlement in Ross, et al. v. American Express Co., et al., No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.), including the Stipulation and Agreement of Settlement and the Class Notice.
Please do not contact the Court, the defendants, or the financial institution that issued your credit, debit, or ATM card.
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Current status last updated October 31, 2015
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