[The Practical Nomad Newsletter] Time to write the judge in card fee lawsuit

[Edward Hasbrouck]

This action alert with links:
http://hasbrouck.org/blog/archives/001693.html

=====

If you've ever used an ATM card with a Visa or Mastercard logo issued in 
the USA to get cash in foreign currency (i.e. local currency, not U.S. 
dollars) from an ATM in another country; if you've ever paid for 
accommodations abroad in foreign currency, either with cash obtained from 
an ATM or with a credit card issued in the USA; or if you spent any 
extended period of time between 1996 and 2006 outside the USA but 
dependent on a U.S. bank account (i.e. without having a local bank account 
in local currency in the place where you were staying, you're about to get 
*short-changed* in the allocation of more than US$300 million that credit 
card companies and banks are offering to pay to settle class action 
lawsuits brought against them for fraudulently concealing and/or 
misrepresenting their "currency conversion" fees for foreign transactions.

Early last year, when I first reported on this lawsuit, I urged anyone in 
the USA who lived or travelled abroad during the period covered by the 
lawsuit (1996-2006) to submit a claim.  But I also warned that the 
settlement would likely be unfair to long-term and independent travellers:

http://hasbrouck.org/blog/archives/001392.html

The terms of the proposed settlement have now been revealed, and bear out 
my worst fears. Awards for loner-term travellers will be reduced by up to 
90% compared to those who took shorter trips overseas, or even merely day-
trips acrosss the Canadian or Mexican borders (which are, of course, 
typically much cheaper than overnight trips). The settlement is based on a 
collection of absurd assumptions, such as that travellers bring all the 
cash they spend from home, rather than getting it from ATM's abroad:

http://hasbrouck.org/blog/archives/001637.html

The court will decide whether to approve this unfair scheme (and to pay 
the lawyers who negotiated it and claim to represent us US$75 million for 
their incompetence and misunderstanding of travellers) following a hearing 
in New York City on August 6th.  The hearing is open to the public -- I'll 
be there, at my own expense, to speak on behalf of independent long-term 
travellers.  But even if you can't be there, the judge has invited comment 
by snail-mail letter (sorry, no e-mail or faxes), received by July 30th, 
on whether he should approve the proposed settlement.

Even a small number of letters could make a big difference. Most people 
affected by the lawsuit don't know about it.  Despite having been ordered 
to do so by the Court, "our" lawyers have not yet (as of this writing) 
posted the notice of the hearing and call for comments on their Web site.

Details and letter-writing instructions:
http://hasbrouck.org/blog/archives/001693.html

My letter to the judge:
http://hasbrouck.org/articles/ccfsettlement-letter.pdf

Sample letters:
http://hasbrouck.org/articles/ccfsettlement.odt (OpenOffice)
http://hasbrouck.org/articles/ccfsettlement.wpd (Wordperfect)
http://hasbrouck.org/articles/ccfsettlement.doc (MS-Word)
http://hasbrouck.org/articles/ccfsettlement.pdf (PDF)

Bon voyage!

Edward Hasbrouck


----------------
Edward Hasbrouck
<edward at hasbrouck.org>
<http://hasbrouck.org>
+1-415-824-0214

"The Practical Nomad: How to Travel Around the World"
(4th edition 2007)
"The Practical Nomad Guide to the Online Travel Marketplace"
<http://www.practicalnomad.com>

Around-the-World and multi-stop international air tickets:
<http://hasbrouck.org/tickets/>