Berger & Montague, P.C., as court-appointed co-lead counsel in this class action litigation, has obtained final approval of a $336 million settlement – one of the largest antitrust settlements ever achieved for consumers.  This action was brought on behalf of a class of United States holders of Visa, MasterCard, and Diners Club credit or charge cards who incurred fees on credit card transactions in a foreign currency or with a foreign merchant.  More than 10 million cardholders submitted claims, among the largest response rate by consumers to an antitrust class action settlement.

The class action alleges that the defendants conspired to artificially set and inflate currency conversion fees United States cardholders incur each time they use their cards in foreign currency transactions or with a foreign merchant.  The action also alleges that defendants violated their disclosure obligations under Truth In Lending Act to disguise these fixed conversion fees from cardholders.  

Distribution of the settlement funds is presently awaiting the resolution of appeals filed by a handful of objectors.

Further inquiries about the litigation and the settlement may be directed to Merrill G. Davidoff, Esq. at (215) 875-3000.