Subject to final Court approval, a settlement has been reached in In re Foreign Currency Conversion Fee Antitrust Litigation (MDL 1409).
I filed an original claim, with the expectation of scoring a refund, or at least a card credit, of $25 or so. In late 2011, this happened:
[A] check for $18.04 arrived. Says the fine print: “All refund amounts are reduced because the full amount of all the claims exceeds the amount in the settlement fund.”
Okay, fine. I’m not going to sneeze at eighteen bucks. Then this past Monday a check for $8.23 showed up, per this instruction:
On April 16, 2013, the Court approved a second distribution of checks for monies remaining in the Currency Conversion Fee settlement fund. This second, “residual” distribution will be coordinated with the distribution of funds in connection with the settlement in the related matter, Ross, et al. v. American Express Co., et al.
Apparently no actual Amex cardmembers were charged dubious fees; however, the plaintiffs in this matter argued that Amex had nonetheless conspired with all the other defendants. And despite the original statement that the settlement fund was insufficient to pay all the claims in full, evidently they had something left. I attribute this to the fold-over post-card format in which the checks were issued; how many recipients looked at it, deemed it junk mail, and tossed it into the can with the potato peelings?
Needless to say, I’m not going to sneeze at eight bucks. (Which now gives me $26.27, actually in excess of the $25 projected. Go figure.)