Visa, MasterCard must refund $800 million - GoFuckYourself.com

EscortBiz · 04-09-2003, 09:23 AM

http://seattlepi.nwsource.com/busine...itcard09.shtml

Visa, MasterCard must refund $800 million

By MICHAEL LIEDTKE
THE ASSOCIATED PRESS

SAN FRANCISCO -- A Superior Court judge yesterday ordered credit-card giants Visa and MasterCard to refund about $800 million to U.S. customers who paid a hidden fee on purchases made in foreign countries.

Judge Ronald Sabraw's decision made final a tentative ruling that had been under court seal since February.

The case centers on a 1 percent surcharge Visa and MasterCard add to the transaction amount of credit-card charges requiring foreign currency to be converted into U.S. dollars. Concluding Visa and MasterCard have been concealing the conversion fee, Sabraw ordered refunds dating back to 1996.

Attorneys representing consumer interests in the 3-year-old case described the decision as vindication for millions of cardholders who had been misled for years about the costs of their foreign charges.

"The days of chicanery and petty theft on a grand scale are drawing to a close for Visa and MasterCard," said Jim Baum, one of the attorneys who filed the lawsuit on behalf of California resident Adam Schwartz.

Visa, based in Foster City, Calif., and New York-based MasterCard called the decision confounding and vowed to appeal.

"During five months of trial, not a single consumer complained ... that MasterCard has deceived them, treated them unfairly or harmed them in any way," said Noah Hanft, MasterCard's general counsel. "That's why we believe Judge Sabraw's decision to award restitution defies logic."

Based on estimates drawn from evidence in the trial, Visa faces $740 million in refunds while MasterCard is on the hook for about $60 million, said Dennis Stewart, another of Schwartz's attorneys.

The companies have not issued estimates.

A court hearing May 23 has been scheduled to discuss how the rebates will be made.

The currency conversion fee is disclosed in the initial agreements distributed to Visa and MasterCard customers, but the surcharge doesn't appear in billing statements documenting the transactions.

The fee instead is lumped into the total transaction price covering the item bought in a foreign country.

Although his decision said the credit-card conversion fees appear reasonable, Sabraw concluded the surcharges undermined the free market because most consumers aren't aware of them.

If consumers knew about the fees, Sabraw reasoned they might look for currency conversion alternatives -- discriminating behavior that could pressure the credit-card companies to lower their fees.

As part of his ruling, Sabraw ordered Visa and MasterCard to better disclose the conversion fees in the future.

jact · 04-09-2003, 10:09 AM

The news ticker strikes again! Thanks EscortBiz, interesting article. Wonder if I'll get some of my money back?

Machete_ · 04-09-2003, 10:10 AM

Im not sayin im "glad" - but I like it when some of those bigboys get their ass chewed by the law, when they become to a little to clewer

RSCLuke · 04-09-2003, 10:15 AM

This is what happens when huge companies are basically being run as a monopoly without much competition to bring out the other companies dirt. I for one think it's a happy day for people all around the world

edcrack · 04-09-2003, 11:49 AM

HA. Give me my money back Bitches!!!

psyko514 · 04-09-2003, 06:51 PM

this is a bit retarded. the fee is disclosed in the cardholder agreement. by using your card, you agree to everything in the cardholder agreement. it's the equivalent of signing a contract.

Wiz · 04-10-2003, 12:02 AM

Givemoney back fucker ;)

oscer · 04-10-2003, 12:13 AM

Im praying i get a piece from all that gass i bought up there in 97

TheFLY · 04-10-2003, 12:17 AM

visa

TheJimmy · 04-10-2003, 12:25 AM

they'll just find another way to take it out on someone

or tie it up in courts for the next decade....

bastards

genomega · 04-10-2003, 02:37 AM

The lawyers get another 750 million and we will end up paying for it.

This will be overturned.

greenlab · 04-10-2003, 04:24 AM

Watch out for http://www.preferpay.com/...their conversion fee is 3% of the ammount +pos fee or ATM fee...

while a 1% fee as stated bellow is, let`s say "acceptable", 3% is huge....and a lot of people will get tricked by it...

The case centers on a 1 percent surcharge Visa and MasterCard add to the transaction amount of credit-card charges requiring foreign currency to be converted into U.S. dollars. Concluding Visa and MasterCard have been concealing the conversion fee, Sabraw ordered refunds dating back to 1996.

Paul Markham · 04-10-2003, 04:42 AM

Quote:

Originally posted by genomega
The lawyers get another 750 million and we will end up paying for it.

Agreed 100%

04-09-2003, 09:23 AM	#1
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	Visa, MasterCard must refund $800 million http://seattlepi.nwsource.com/busine...itcard09.shtml Visa, MasterCard must refund $800 million By MICHAEL LIEDTKE THE ASSOCIATED PRESS SAN FRANCISCO -- A Superior Court judge yesterday ordered credit-card giants Visa and MasterCard to refund about $800 million to U.S. customers who paid a hidden fee on purchases made in foreign countries. Judge Ronald Sabraw's decision made final a tentative ruling that had been under court seal since February. The case centers on a 1 percent surcharge Visa and MasterCard add to the transaction amount of credit-card charges requiring foreign currency to be converted into U.S. dollars. Concluding Visa and MasterCard have been concealing the conversion fee, Sabraw ordered refunds dating back to 1996. Attorneys representing consumer interests in the 3-year-old case described the decision as vindication for millions of cardholders who had been misled for years about the costs of their foreign charges. "The days of chicanery and petty theft on a grand scale are drawing to a close for Visa and MasterCard," said Jim Baum, one of the attorneys who filed the lawsuit on behalf of California resident Adam Schwartz. Visa, based in Foster City, Calif., and New York-based MasterCard called the decision confounding and vowed to appeal. "During five months of trial, not a single consumer complained ... that MasterCard has deceived them, treated them unfairly or harmed them in any way," said Noah Hanft, MasterCard's general counsel. "That's why we believe Judge Sabraw's decision to award restitution defies logic." Based on estimates drawn from evidence in the trial, Visa faces $740 million in refunds while MasterCard is on the hook for about $60 million, said Dennis Stewart, another of Schwartz's attorneys. The companies have not issued estimates. A court hearing May 23 has been scheduled to discuss how the rebates will be made. The currency conversion fee is disclosed in the initial agreements distributed to Visa and MasterCard customers, but the surcharge doesn't appear in billing statements documenting the transactions. The fee instead is lumped into the total transaction price covering the item bought in a foreign country. Although his decision said the credit-card conversion fees appear reasonable, Sabraw concluded the surcharges undermined the free market because most consumers aren't aware of them. If consumers knew about the fees, Sabraw reasoned they might look for currency conversion alternatives -- discriminating behavior that could pressure the credit-card companies to lower their fees. As part of his ruling, Sabraw ordered Visa and MasterCard to better disclose the conversion fees in the future. __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

04-09-2003, 10:09 AM	#2
jact Confirmed User Join Date: Sep 2002 Location: Oakville, Canada Posts: 9,134	The news ticker strikes again! Thanks EscortBiz, interesting article. Wonder if I'll get some of my money back? __________________ Free agent

04-09-2003, 10:15 AM	#4
RSCLuke Confirmed User Join Date: Nov 2002 Location: T.O. Posts: 113	This is what happens when huge companies are basically being run as a monopoly without much competition to bring out the other companies dirt. I for one think it's a happy day for people all around the world __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, then you may use a 624x80 instead of a 120x60.

04-09-2003, 11:49 AM	#5
edcrack Confirmed User Join Date: Feb 2003 Location: LA, CA Posts: 265	HA. Give me my money back Bitches!!! __________________ ICQ- 178725557

04-09-2003, 06:51 PM	#6
psyko514 See sig. Join Epic Cash. Join Date: Oct 2002 Location: Montreal, Quebec. ICQ: 214702014 Posts: 22,366	this is a bit retarded. the fee is disclosed in the cardholder agreement. by using your card, you agree to everything in the cardholder agreement. it's the equivalent of signing a contract. __________________ Bad Girl Bucks - 50% Revshare through CCBill. Promote BrandyDDD, Pixie's Pillows, Action Allie and more! Phoenix Forum Pics \| Webmaster Access Montreal pics email: psyko514(a)gmail.com \| icq: 214-702-014

04-09-2003, 10:10 AM	#3
Machete_ WINNING! Industry Role: Join Date: Oct 2002 Posts: 14,579	Im not sayin im "glad" - but I like it when some of those bigboys get their ass chewed by the law, when they become to a little to clewer

04-10-2003, 12:02 AM	#7
Wiz Confirmed User Join Date: Dec 2002 Location: x Posts: 223	Givemoney back fucker ;) __________________ !

04-10-2003, 12:13 AM	#8
oscer Confirmed User Industry Role: Join Date: Jan 2001 Location: Baltimore Posts: 2,834	Im praying i get a piece from all that gass i bought up there in 97 __________________ XR Networks Dedicated \| VPS \| Shared Hosting ICQ 42602565

04-10-2003, 12:17 AM	#9
TheFLY So Fucking Banned Join Date: Jan 2001 Location: http://www.thefly.net/ --- Quit your job and live off steady traffic. Posts: 11,856	visa

04-10-2003, 12:25 AM	#10
TheJimmy ICQ- five seven 0 2 5 5 0 Join Date: Jan 2001 Posts: 10,747	they'll just find another way to take it out on someone or tie it up in courts for the next decade.... bastards __________________ Investor with 5m - 15m USD to invest. Do you have a site or network of sites earning 50k - 200k a month income? Email your contact and preliminary data to: domain.cashventures (at) gmail.com....Please...no tire kickers...serious offers and inquiries only.

04-10-2003, 02:37 AM	#11
genomega Confirmed User Join Date: Feb 2002 Location: NW Florida Posts: 1,190	The lawyers get another 750 million and we will end up paying for it. This will be overturned.

04-10-2003, 04:24 AM	#12
greenlab Confirmed User Join Date: Oct 2002 Posts: 252	Watch out for http://www.preferpay.com/...their conversion fee is 3% of the ammount +pos fee or ATM fee... while a 1% fee as stated bellow is, let`s say "acceptable", 3% is huge....and a lot of people will get tricked by it... The case centers on a 1 percent surcharge Visa and MasterCard add to the transaction amount of credit-card charges requiring foreign currency to be converted into U.S. dollars. Concluding Visa and MasterCard have been concealing the conversion fee, Sabraw ordered refunds dating back to 1996.