While looking through my most recently mailed statement from Citibank for one of my credit cards, I noticed a pamphlet labeled Notice of Class Action Settlement. I’m always up for a good class action lawsuit, so I continued reading.

Here are some choice sections:

The Plaintiffs in this lawsuit challenge how the price of credit and debit/ATM card foreign transactions were set and disclosed, including claims that Visa, Mastercard, their member banks, and Diners Club conspired to set and conceal fees, typically 1-3%, on foreign transactions, and that Visa and Mastercard inflated their base exchange rates before applying these fees.

If you made a foreign transaction between February 1, 1996 and November 6, 2006 with a US-issued Visa, Mastercard, or Diners Club card, you are a member of the Settlement Damages class. If you had, as of November 8, 2006 a Visa, Mastercard, or Diners Club card, you are a member of the Settlement Injunctive Class, and will benefit from the settlement if if you did not use your card to make a foreign transaction.

The defendants have agreed to create a settlement fund of $336,000,000 to pay valid claims, attorneys’ fees and expenses, and the costs of administering the settlement and notice.

Hmmm…since 1996, I’ve been to Europe three times and New Zealand for almost an entire month. The problem is I don’t save my bank statements. The claim form says:

You do not have to attach bank or credit card statements to your claim. But if you need bank or credit card statements to complete this claim, and you no longer have them, Citibank, Chase, Diners Club, Bank One/First USA, Bank of America, HSBC/Household, MNBA, and Washington Mutual/Providian will give you copies of at least 6 of your old statements for free, if available electronically. All claims are subject to audit.

The pamphlet provided a website to submit your claim online: www.ccfsettlement.com/claim. I’m going to look into this further, but I’m not sure which cards I used when and some of them I have closed down.

Still, would be nice to get some money back from vacations I took years ago. If you keep your statements, I would definitely recommend looking into it. I might even make a claim without my statements…

Technorati Tags: credit cards, foreign transactions, class action lawsuit, Visa, Mastercard, Chase, Citibank

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