Credit Card Companies to Pay $336 mln Over Currency Fees
A group of large credit card issuers agreed a $336 million settlement in a class-action lawsuit regarding the prices they charge cardholders making foreign currency-based transactions, lawyers for the plaintiffs said yesterday.
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Defendants in the suit included MasterCard, Visa, Diner’s Club – a unit of Citigroup, Bank of America, MBNA, Citibank, J.P. Morgan Chase & Co, Bank One, Washington Mutual and Providian.
All of the defendants denied any wrongdoing in the settlement.
MasterCard said separately today that they would pay $72.48 million of the settlement amount, according to Reuters.
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