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Information Concerning: In re Currency Conversion Fee Antitrust Litigation (MDL No. 1409) - Current Status

On October 20, 2014, the Court approved a distribution of checks concerning foreign transaction fee claims made in connection with the settlements in the two related matters In re Currency Conversion Fee Antitrust Litig. and Ross, et al. v. American Express Co., et al. This is the third-and Plaintiffs' Co-Lead Counsel anticipate final-distribution of settlement funds. (The initial distribution of checks in connection with the Currency Conversion Fee settlement was completed by mid-January 2012, and a second distribution was completed by July 2013.)

The Settlement Administrator will be issuing distribution checks to Authorized Claimants on or before December 4, 2014. Eligible Authorized Claimants for this distribution are those claimants whose claims were reduced by the largest percentage amount under the reduction methodologies used for the prior two distributions (due to the aggregate value of all claims exceeding the amount of available settlement funds). (Please see the Frequently Asked Questions for information on the distribution checks.)

You should note that distribution checks will be void after 90 days from the date on the check. If you receive a settlement check, please promptly deposit it before the check's 90-day expiration date.

If you experience any problems associated with your settlement check, please promptly contact the Settlement Administrator or Co-Lead Class Counsel. To assist such inquiries, claimants should provide as much of the following information as possible: name, current address (and the address used when the claim was submitted, if different), current contact information (e.g., telephone or email), Claim number or Refund ID number, and the type of claim submitted.

Please continue to monitor this website for updates concerning the refund process. If you have changed your address, you should send any updated information to the Settlement Administrator

If you have a question you would like to send to the Settlement Administrator, please use the Contact Us page of this website, or write to the Settlement Administrator at P.O. Box 290, Philadelphia, PA 19105-0290.

Click here to proceed to the Currency Conversion Fee Antitrust Settlement ("CCF I") website and information regarding the related matter, Ross, et al. v. American Express Co., et al., No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.)

Information Concerning: Ross, et al. v. Bank of America, N.A., (USA), et al., No. 05-cv-7116, MDL No. 1409 (S.D.N.Y.) - Proposed Settlement with National Arbitration Forum, Inc. ("NAF")

This lawsuit involves claims that the defendants – Bank of America, Capital One, Chase, Citibank, Discover, HSBC and the National Arbitration Forum, Inc. ("NAF") – violated federal law by conspiring, with each other and certain non-defendants, to require that the bank defendants' cardholders (a) take all legal disputes to arbitration rather than court and (b) give up any right to participate in class actions against the above six credit card companies.  This case is on behalf of cardholders who are subject to arbitration clauses.  Cardholders who are not subject to arbitration clauses, including any Discover cardholders who have opted out of arbitration, are not included in the case. 

Plaintiffs reached settlements with five of the defendants: Bank of America, Capital One, Chase, HSBC and NAF.  On July 26, 2010, the Court entered Final Judgment for settlements reached with the four bank defendants.  On April 30, 2012, the Court granted final approval of the settlement reached with defendant NAF.

Beginning in January 2013, the Court held a five-week bench trial of Plaintiffs' antitrust claims against the non-settling bank defendants: Citibank and Discover.  Plaintiffs' claims were consolidated for trial with similar claims brought by plaintiffs in the related matter, Ross v. American Express Co., No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.).  (You may obtain information about the American Express matter by clicking here or type www.ccfsettlement.com/faqs/amex/)  As a result, there were three defendants at trial: American Express, Citibank and Discover.  Following trial, Plaintiffs submitted detailed proposed findings of fact and conclusions of law in support of their antitrust claims.  You may view Plaintiffs' submissions, as well as the trial defendants' submissions, by clicking the Documents tab.  On May 6, 2013, the Court heard closing arguments.  The Court has not yet ruled on Plaintiffs' claims.

All settling defendants and all non-settling defendants deny that they conspired with each other or that they violated any law, and assert that they have done nothing wrong or improper.

For information about the litigation and the settlements , please visit the settlement website www.arbitration.ccfsettlement.com.

Click here to proceed to the Arbitration Antitrust Settlement website.


Current status last updated October 30, 2014.



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