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National Arbitration Forum Exits Cardholder Class Action

Posted: December 1, 2011
Source: Law360
Outcome: Settlement
Practice Areas: Antitrust

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 litigation.

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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