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Credit Card Companies Settle Currency Conversion Lawsuit for $336 Million

by Peter Andrew

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).

Published 07/26/06 (Modified 05/07/12)


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