The National Arbitration Forum reached a settlement Thursday
with a class of credit card holders that had accused it of helping
large banks and card companies collude to include compulsory
arbitration clauses in cardholder agreements meant to prevent
The plaintiffs sought approval for their proposed settlement,
according to case docket filings in New York federal court that
were not publicly available because of an April 21, 2009,
confidentiality order. The suit became part of multidistrict
litigation over allegedly illegal currency conversion fees when it
was filed in August 2005.
According to court documents, the forum, which was not included in
the initial complaint, was added in the plaintiffs' June 2009
amended complaint, which is also not publicly available.
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