Ross v. American Express Co.
Berger Montague represented cardholders in 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.), in the same court.
The lawsuit concerned the fees that cardholders of Visa-, MasterCard- and Diners Club-branded general purpose cards have been 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 fee and American Express agreed to increase its own fee from 1% to 2%.
On April 30, 2012, Berger Montague obtained final approval of a $49.5 million settlement of plaintiffs’ claims concerning the imposition of foreign transaction fees.