Currency Conversion Fee Litigation – Antitrust Class Action Settlement

Berger Montague served as Co-Lead Counsel and obtained a $336 million settlement in this historic antitrust case alleging that the major credit cards and defendant banks conspired to fix prices for foreign currency transaction fees imposed on credit card transactions. After eight years of litigation, the settlement also provided for improvements in required disclosures by the banks as well as innovative procedures for distributions that resulted in the submission of more than ten million claims, among the largest class of claimants in an antitrust consumer class action in U.S. history. The case was litigated in the United States District Court for the Southern District of New York, and was captioned, In re: Currency Conversion Fee Litigation, No. 01-md-01409 (S.D.N.Y.).

In the related matter, Ross v. American Express, No. 04-5723, MDL No. 1409 (S.D.N.Y.), 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 antitrust class action settlement.

In granting approval of the settlement, Judge William H. Pauley, III of the Southern District of New York, commented regarding Berger Montague’s work in the case:

“Class Counsel did their work on their own with enormous attention to detail and unflagging devotion to the cause. Many of the issues in this litigation . . . were unique and issues of first impression.”

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“Class Counsel provided extraordinarily high-quality representation. This case raised a number of unique and complex legal issues …. The law firms of Berger Montague and Coughlin Stoia were indefatigable. They represented the Class with a high degree of professionalism, and vigorously litigated every issue against some of the ablest lawyers in the antitrust defense bar.”

In re Currency Conversion Fee Antitrust Litigation, 263 F.R.D. 110, 129 (2009).

If you or your company has been harmed by anticompetitive conduct or any conduct that you believe violates the antitrust laws, please contact Berger Montague.

About Berger Montague

Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.