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A class action consumer fraud lawsuit against a number of major credit and debit card companies, including Visa and MasterCard, was tentatively settled yesterday for $336 million.
The lawsuit claimed that the companies took advantage of unwitting consumers by overcharging them and adding undisclosed fees when converting foreign transactions into U.S. dollars.
The settlement was reached with the help of a mediator and is awaiting approval by the U.S. District Court for the Southern District of New York. If approved, the money will go to pay cardholder claims and court fees.
Among the companies named in the lawsuit are: Visa, MasterCard, Diners Club, Bank of America, Citigroup, JPMorgan Chase & Co., and Washington Mutual. American Express was also named, but a settlement with the New York-based company has not yet been reached.
Victim of consumer fraud? Please contact us today to learn more about your legal rights and options.
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