In re Currency Conversion Fee Antitrust Litigation
This Memorandum and Order addresses plaintiffs' motion for reconsideration of a prior decision concerning a class action alleging an antitrust price-fixing conspiracy by VISA, MasterCard, and their member banks related to foreign currency conversion fees. The Court denied the plaintiffs' motion for reconsideration, upholding its earlier finding that network defendants did not waive their right to arbitration because compelling arbitration would have been futile under then-existing law. Additionally, the Court denied reconsideration on several other procedural matters, including the creation of subclasses, membership of specific cardholder subclasses, representation of Diners Club and Providian cardholders, and a request for further discovery, citing the untimeliness of new arguments and the plaintiffs' failure to meet the burden of proof for class certification requirements.