Credit Card Companies To Pay $336 Million In Currency Conversion Case

July 27, 2006, 12:42 p.m. EDT 1 Min Read

NEW YORK -- Credit card giants MasterCard Worldwide and Visa USA announced Wednesday that they and several other credit card companies have agreed to pay $336 million to settle a class action suit alleging the card companies manipulated currency rates when charging customers on international transactions. MasterCard has agreed to pay $72.4 million in the case, as well as another $13.4 million to settle a related suit. The other card companies agreeing to make payments are Visa, Bank of America, JP Morgan Chase (Bank One/First USA), Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian.

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