Credit Card Companies Settle Currency Conversion Lawsuit for $336 Million
Credit
Card Companies Settle Currency Conversion Lawsuit for $336 Million
Associated
Press reports that a lawsuit against major credit card companies
is being settled, with the companies agreeing to pay a $336
million dollar settlement. The suit alleged that the companies
were overcharging and hiding fees on international credit card
transactions. The credit card companies did not admit to wrongdoing
in settling the case.
MasterCard
said it was paying $72.48 million of the overall settlement.
Other companies agreeing to make the remainder of the payment
include Visa, Citigroup’s Diner’s Club and Citibank units, Bank
of America, JPMorgan Chase, and Washington Mutual (from its
Providian unit).
