Case Number: No. 04-cv-5723
Practice Area: Antitrust
Case Status: Settled
Settlement Amount: $49.5 million
Court: United States District Court for the Southern District of New York
Berger Montague served as lead counsel and obtained a $49.5 million settlement of plaintiffs’ claims concerning the imposition of foreign transaction fees. The case was litigated in the United States District Court for the Southern District of New York as a related case to In re Currency Conversion Fee Antitrust Litigation (“CCF I”), MDL No. 1409, Master File No. M21-95 (S.D.N.Y.) (Pauley, J.).
The lawsuit concerned the fees that cardholders of Visa cards, MasterCard cards, and Diners Club cards were charged to make transactions denominated in a foreign currency or with a foreign merchant. The plaintiffs claimed that American Express conspired with the bank defendants in the CCF I to fix, maintain, and conceal the banks’ artificially inflated foreign transaction fees, and that American Express agreed to increase its own fee from 1% to 2%.
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.