Credit Card Companies To Pay $336 MillionIn Currency Conversion Case

July 27, 2006, 1:00 a.m. EDT 1 Min Read

NEW YORK - (07/27/06) -- Credit card giants MasterCardWorldwide and Visa USA announced Wednesday that they and severalother credit card companies have agreed to pay $336 million tosettle a class action suit alleging the card companies manipulatedcurrency rates when charging customers on internationaltransactions. MasterCard has agreed to pay $72.4 million in thecase, as well as another $13.4 million to settle a related suit.The other card companies agreeing to make payments are Visa, Bankof America, JP Morgan Chase (Bank One/First USA), Citibank, DinersClub, HSBC/Household, MBNA and WashingtonMutual/Providian.

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