Currency Conversion Fee Antitrust Litigation
Berger Montague was one of two plaintiffs’ Co-Lead Counsel in this case alleging that defendant banks conspired to impose foreign currency transaction fees.
After several years of hard-fought litigation, defendants agreed to settle the claims for $336 million. The settlement also provided for improvements in required disclosures by defendants, and for innovative procedures for distributions which have resulted in the filing of millions of claims.
In the related matter, Ross v. American Express, No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.), Berger Montague, as sole lead counsel, obtained an additional $49.5 million settlement for the benefit of the more than 10 million class members who were eligible to participate in the Currency Conversion Fee settlement.