The Finch Formerly Known As Gold

4 December 2007

That foreign-transaction business

Copied from my mid-February post:

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.

I did turn in a claim form at the time: the Administrator has now sent out a letter explaining three options for receiving payments from the settlement fund, and I took the one requiring the least paperwork.

Posted at 7:27 PM to Common Cents

Same here. There was no way that I spent over $2500 on my two trips to Canada.

Posted by: Dwayne "the canoe guy" at 8:11 AM on 5 December 2007

I didn't spend all that much, but at the same time, I feel like I got charged more than $25. I lived in the UK for a while, and used my credit card quite often. I forget if they charged me for foreign conversion every time's been a while.

Either way, I think $25 is rather meager, and it's really more about the lawyers payday than anything else.

Posted by: Credit Helper at 5:12 PM on 13 December 2007