Credit Cards

Currency Conversion Fee Antitrust Litigation (MDL 1409)
(currency conversion fee refund)

Background: This lawsuit is about the price cardholders of Visa-, MasterCard-, or Diners Club-branded payment cards were charged to make transactions in a foreign currency, or with a foreign merchant, between February 1, 1996 and November 8, 2006. Plaintiffs challenge how the prices of credit and debit/ATM card foreign transactions were set and disclosed, including claims that Visa, MasterCard, their member banks, and Diners Club conspired to set and conceal fees, typically of 1-3% of foreign transactions, and that Visa and MasterCard inflated their base exchange rates before applying these fees.

In September 2007, the United States District Court for the Southern District of New York approved changes to the settlement claims procedures related to the nationwide settlement agreement that Visa, MasterCard, Diners Club and seven financial institutions reached last year regarding foreign currency conversion .Some class members had previously received a notice setting forth the prior claims procedure and may have already filed a claim. Revised notices and claims forms were being mailed to some eligible class members in late November.

If you are participating in this class action procedure and need copies of your SchoolsFirst FCU statements where a foreign currency transaction may have occurred, please reference the "Currency Conversion Litigation" with your request, to receive your copies free of charge. The credit union only keeps 7 years of statements on hand; according to the settlement you may calculate foreign transactions using estimates for any statements we are unable to provide to you.

Additionally, the credit union does not have access to any claim information related to the Currency Conversion Litigation. For details regarding a pending claim or the claim process, including a copy of the courtís September order, claim forms, and a list of Frequently Asked Questions, please visit the settlement Web site,, or call (800) 945-9890.

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