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July 26, 2006

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).

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