perhaps you'redue money, too

[awaterlily 0]

NEW YORK - Some 30 million people across the nation are receiving notices that they may be eligible for $25 or more from the settlement of a class action suit over foreign currency conversions on credit and debit cards.

The case alleged that card companies overcharged when converting foreign transactions into dollars and didn't disclose all fees. It looked at currency conversion fees — often up to 3 percent of the transaction value — on credit card and debit card as well as cards used to tap automated teller machines.

People who held cards that were branded by Visa, MasterCard or Diners Club and issued by major American banks, including JPMorgan Chase and Co. or Citigroup Inc., are part of the class.

A $336 million settlement in the case, which had been brought in 2001, was announced in July 2006 and affirmed by a court in November 2006.

The defendants denied any wrongdoing, but said they settled to avoid the expense and uncertainty of litigation.

Ruthanne Gordon, an attorney with Berger & Montague PC, a Philadelphia law firm that handled the case, said she expects millions of people to respond to the mailing.

Lawyer David Langer said that the firm has created a Web site at http://www.ccfsettlement.com with details of who is eligible for a payment and how to file a claim. There also is a toll-free number of 800-945-9890, but he warned that it has been experiencing a "huge volume" of calls.

Consumers will have three refund options to choose from, Gordon said.

The easiest is a $25 refund, recommended for those with limited travel outside of the United States between Feb. 1, 1996, and Nov. 8, 2006. Others can seek larger refunds by providing estimates of their foreign spending, either based on typical spending or annual estimates.

The case was brought by Berger & Montague as well as the firm of Lerach, Coughlin, Stoia, Geller, Rudman & Robbins in New York; that firm has since reorganized into Coughlin, Stoia, Geller, Rudman & Robbins LLP.

A separate case against American Express Co., headquartered in New York, is still pending.

View the article here:

http://www.msnbc.msn.com/id/22150772/

Edited December 17, 2007 by awaterlily

[Otto 83]

I got my notice...

[*JG* 2]

I got mine too. I filled out the internet form and am eagerly awaiting my $25. Woo Hoo!

[Nanusia & Lukaszek 0]

I got mine too and sent it off!

Option one was the quick $25. Option 2 was listing how many days of international travel you did over the yrs, they'll calculate an allowance and give you back 1% of that.

[*JG* 2]

Yah, I was there every month.....I didn't think I could figure it all out and it would probably be a hassle trying, so I opted for the quick one.

[slim 1,530]

This class action bull$#!T is what drives up the costs of doing business in the first place.

All for $25.

You're probably saying medical malpractice suits are a good option too.

[Heracles 417]

This class action bull$#!T is what drives up the costs of doing business in the first place.

All for $25.

You're probably saying medical malpractice suits are a good option too.

Yes. A lot of people fail to comprehend this. Everyone else pays for one persons BS win.

Most civil lawsuits in the US would would be tossed out in court rooms abroad.

[Fandango 1,439]

I was out of the country for 3 years

[GabachaYucateca 0]

Lisa...how are you going to handle that in the paperwork? I imagine option 2? Are you going to call to get statements from your banks?

Reason I ask is because I was out of the country for seven of those years, but using my cc and ATM card.

[Fandango 1,439]

Lisa...how are you going to handle that in the paperwork? I imagine option 2? Are you going to call to get statements from your banks?

Reason I ask is because I was out of the country for seven of those years, but using my cc and ATM card.

I'll prolly do option 2 cos the bulk of my spending was from D

[Flames9_RN 358]

We took the $25! When my wife visited me in Canada, I paid for 99% of stuff on my Cdn bank card. So I'm certain were ahead,lol

[Empress of Groovy 373]

This class action bull$#!T is what drives up the costs of doing business in the first place.

All for $25.

You're probably saying medical malpractice suits are a good option too.

The credit card companies really screwed up in this case. This is serious stuff. Everyone who responds to the letter should receive a minimum of $25, which is significant. It's not like many of the class action lawsuits you hear about, in which checks are sent out for $0.17 or something, and it costs more to administer the refunds than the refunds themselves are worth. This also isn't a frivolous lawsuit (like, suing for spilling hot coffee on oneself).

Creditors can't do whatever the hell they want under the assumption that no one's going to bother reading the fine print or question an overcharge. Fair, transparent lending practices are crucial to our economy. We're already seeing the potentially devastating effects of unscrupulous lending practices, which can take the form of misleading borrowers, or stealthily and consistently overcharging them, or raising their interest rates willy-nilly despite good credit.

I'm looking forward to receiving my refund. And it's a refund, not a payout or compensation. Screw 'em.

[GaryC 7]

Lisa...how are you going to handle that in the paperwork? I imagine option 2? Are you going to call to get statements from your banks?

Reason I ask is because I was out of the country for seven of those years, but using my cc and ATM card.

I'll prolly do option 2 cos the bulk of my spending was from D

I did option 3. We have ATM receipts for $11,500.00! Option 3 gives you between 1 and 3 percent. I see on my bank statements I was charged 3% in fees plus a lousy exchange rate. So I should get back between $115 and $345.

[Sister Fracas 5]

I'm looking forward to receiving my refund. And it's a refund, not a payout or compensation. Screw 'em.

ANd I really don't understand the opinion that it's a waste of time and effort to fill out a piece of paper (oh, it took me about one minute) to get a minimum of $25. *shrug* It will be a minimum of $25 I didn't have before. I guess the people who say it isn't worth their time or effort have money pouring out of their pockets...

Edited December 17, 2007 by Sister Fracas

[*JG* 2]

This class action bull$#!T is what drives up the costs of doing business in the first place.

All for $25.

You're probably saying medical malpractice suits are a good option too.

The credit card companies really screwed up in this case. This is serious stuff. Everyone who responds to the letter should receive a minimum of $25, which is significant. It's not like many of the class action lawsuits you hear about, in which checks are sent out for $0.17 or something, and it costs more to administer the refunds than the refunds themselves are worth. This also isn't a frivolous lawsuit (like, suing for spilling hot coffee on oneself).

Creditors can't do whatever the hell they want under the assumption that no one's going to bother reading the fine print or question an overcharge. Fair, transparent lending practices are crucial to our economy. We're already seeing the potentially devastating effects of unscrupulous lending practices, which can take the form of misleading borrowers, or stealthily and consistently overcharging them, or raising their interest rates willy-nilly despite good credit.

I'm looking forward to receiving my refund. And it's a refund, not a payout or compensation. Screw 'em.

I'm with you on this. It's one thing to file some BS lawsuit cause your coffee was too hot. It's another to hold someone accountable for unfair business practices.