AmEx's $50M Payout In Currency Fee Suit Gets Judge's OK

Law360, New York (May 2, 2012, 2:51 PM EDT) -- A New York federal judge Monday signed off on American Express Co.'s $49.5 million deal to settle class claims that the credit card giant conspired with banks to impose hidden foreign currency conversion fees on customers.

The deal, first proposed in October, specifically excludes the customers' secondary claims — that AmEx colluded with banks to impose arbitration clauses on cardholders. The class seeks only injunctive relief on the arbitration claim, however.

The agreement set aside $12.4 million, plus fees, for a plaintiff team made up of attorneys from...
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