Credit Card Companies to Pay $336 mln Over Currency Fees

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00013979-credit-card-companies-to-pay-336-mln-over/

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.

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.