American Express Co. has agreed to pay $49.5 million to
partially settle a class action in New York accusing the credit
card giant of conspiring with several banks to fix foreign currency
conversion fees and impose arbitration clauses in cardholder
agreements, the plaintiffs' attorney said Thursday.
While the proposed settlement would resolve foreign currency fee
allegations, a claim that AmEx colluded with banks to impose
arbitration clauses on cardholders would continue, according to Merrill
Davidoff, a Berger & Montague PC attorney representing the
The remaining claim seeks injunctive relief, not damages, he
The plaintiffs on Tuesday filed a bid for preliminary approval of
the partial agreement, and the court has yet to schedule a hearing
on the matter. A final approval hearing would not likely take place
until next year between April and June, Davidoff said.
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