American Express Settles Class Action Suit Over Currency Exchange

A class action lawsuit filed against American Express in a U.S. District Court in Florida has been settled for $75 million.

Hundreds of thousands of consumers were reportedly affected by the company's actions, which involved allegedly failing to disclose additional fees charged when a U.S. purchaser used their account for a purchase denominated in foreign currencies. As part of the settlement, American Express admitted no wrongdoing or fault although the company has reportedly changed its disclosure notices

Media sources claim that legal fees could account for more than $10 million of the settlement. Projections are that most consumers who filed as part of the class will receive a $15 settlement.

As of the holiday break, there was no announcement on when settlements would be disbursed to class members.

posted by Consumer Help Web Editorial Team at 6:27 PM |