Photo: Jacob Davies via Flickr
More than 10 million consumers will be receiving checks in the mail from a multi-billion dollar lawsuit against credit card companies that allegedly overcharged travellers for overseas transactions.Just be sure you don’t toss out your check with the rest of your junk mail, Credit.com’s Gerry Detweiler warns.
The settlement was rewarded to Visa, MasterCard and Diners Club customers who made foreign currency transactions between Feb. 1, 1996 and Nov. 8, 2006.
Why the long wait? There were at least 11 appeals filed after the settlement was approved back in 2009.
In the suit, consumers claimed the companies conspired to hike up “currency conversion fees” for overseas travellers and that Visa and MasterCard inflated their base exchange rates before applying the fees.
This is the fifth settlement in the case, with suits against Citibank and Discover still pending.
There’s a helpful site dedicated to keeping plaintiffs informed of events surrounding the case: http://www.ccfsettlement.com.
Lengthy class action settlements are par for the course for these types of massive litigation.
A settlement claims administrator is appointed to handle plaintiffs’ claims and it can take years to hammer out details and slice up the settlement pie.
Last month, eight states announced a $553 million settlement with seven technology companies accused of conspiring to jack up the prices of LCD screens used in popular electronics.
Due to the overwhelming number of plaintiffs involved in class actions, scammers love to take advantage of unwitting consumers by mailing or e-mailing fraudulent settlement notices.
Just know that unless you actually filed a claim for a suit, you shouldn’t receive mail about a settlement check in the mail. Claims for the currency conversion suit were due back in 2008 and are no longer being accepted.
Settlement checks look like any other junk mail probably piling up on your kitchen counter.
The ‘from’ address will most likely list the name of the suit – in this case, “Currency Conversion Fee Antitrust Litigation” – as well as Settlement Claims Administrator as the sender.
Check out Detweiler’s post for screen shots of what the currency conversion fee settlement checks look like.
If you’re a plaintiff and have switched addresses since filing your claim, contact the settlement administrator here:
Currency Conversion Fee Antitrust Litigation
P.O. Box 290
Philadelphia, PA 19105-0290