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A tentative $336 million settlement between two class action law firms and various credit card and debit card companies including Visa USA and MasterCard Inc. has been reached, according to an announcement made last week.
The class action consumer fraud lawsuits accused the companies of overcharging consumers when converting foreign currency into dollars. Furthermore, the lawsuits claim the credit and debit card companies acted deceptively when failing to disclose the amount of all fees.
The settlement, which still must be approved by U.S. District Court for the Southern District of New York, was reached with the assistance of a mediator and also involves an agreement to settle related suits that are pending.
The money will be dispersed among eligible cardholders that suffered damages as a result of the companies' actions as well as to pay court-approved fees.
Defendants include Visa USA, whose share of the settlement will be almost $100 million and MasterCard Inc. who will contribute $72.48 million to resolve the class action and $13.44 million to settle a pending California case.
Other named defendants are Diners Club, card issuer owned by Citigroup Inc., Bank of America, Citigroup, JPMogan Chase and Co., and Washington Mutual.
Defendants continue to deny any wrongdoing.
Have you been a victim of consumer fraud? If you or someone you know has suffered losses as a result of consumer fraud, please contact us today to learn more about your legal rights and options.
Consumer fraud class action lawsuits are specifically designed to help individuals who have been similarly aggrieved to pursue a common goal – namely to hold the deceptive business accountable for any damages suffered. Thus, consumers who have been defrauded by a corporation or other entity may file a consumer fraud class action lawsuit on behalf of themselves and others to seek compensation for their shared grievance.
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