AmEx Offers $50M To End Currency Fee Claims: Atty

Law360, San Diego (November 3, 2011, 9:30 PM EDT) -- American Express Co. has agreed to pay $49.5 million to partially settle a class action in New York accusing the credit card giant of conspiring with several banks to fix foreign currency conversion fees and impose arbitration clauses in cardholder agreements, the plaintiffs’ attorney said Thursday.

While the proposed settlement would resolve foreign currency fee allegations, a claim that AmEx colluded with banks to impose arbitration clauses on cardholders would continue, according to Merrill Davidoff, a Berger & Montague PC attorney representing the plaintiffs.

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