Currency Conversion Fee Antitrust Litigation

My father has just emailed me from Florida to say that I have received a letter informing me that I am part of a class action lawsuit!

“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.”

Was just wondering if anybody was involved? I think it is because I used my UK credit card when I was in Florida – actually come to think of it I will have used UK cards a LOT inbetween 1996 and 2006 🙂

4 thoughts on “Currency Conversion Fee Antitrust Litigation

  1. Dunks

    Unlikely to be involved as I have one credit card which is locked in a safe and my wife keeps the key!!!

  2. Chris Marshall Post author

    Actually it seems to be the other way round – which makes sense!!!

    It is based on me having a US Credit Card and having used it when travelling out of the US

  3. Jonathan Millet

    Unlikely to be involved as I have one credit card which is locked in a safe and my wife keeps the key!!!”

    What if you go visit other countries what card will you use then? 

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