National Arbitration Forum Exits Cardholder Class Action

Law360, New York (December 1, 2011, 9:17 PM EST) -- The National Arbitration Forum reached a settlement Thursday with a class of credit card holders that had accused it of helping large banks and card companies collude to include compulsory arbitration clauses in cardholder agreements meant to prevent litigation.

The plaintiffs sought approval for their proposed settlement, according to case docket filings in New York federal court that were not publicly available because of an April 21, 2009, confidentiality order. The suit became part of multidistrict litigation over allegedly illegal currency conversion fees when it was...
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