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Amex plans conversion fee refunds.

Publication: Business Travel News
Publication Date: 29-MAR-04 		Format: Online - approximately 986 words
Delivery: Immediate Online Access

Article Excerpt
Corporate cardholders and their employers could cash in on several class action lawsuits alleging deceptive disclosure of currency conversion fees by American Express--which this month disclosed a $66 million settlement proposal--MasterCard International and Visa International.

The latest suit, filed Feb. 10 in the U.S. District Court for the Southern District of Florida, charges that American Express does not disclose adequately its foreign exchange fees and seeks to have the company refund the fees to cardholders.

Amex this month in a report filed with the Securities and Exchange Commission said it has proposed a settlement, which will establish a $66 million fundd to "reimburse class members with valid claims." Amex would refund the foreign exchange amount charged to cardholders since March 28, 1997. In 1999, American Express raised its currency conversion fee from 1 percent to 2 percent. According to its proposal, refunds will reflect the change.

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