Skip to Content

AmEx Offers $50M To End Currency Fee Claims: Atty

Posted: November 4, 2011
By: Erin Coe
Source: Law360
Practice Areas: Antitrust

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 plaintiffs.

The remaining claim seeks injunctive relief, not damages, he added.

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.

View the full article here.