If you are like me, you've probably received numerous letters about the LiPuma class action settlement.
It seems that some trial attorney in Florida discovered that American Express was overcharging cardholders when they used their card abroad from 1998 to 2004. The actual commission of the exchange rate was effectively much higher than disclosed. (Incidentally, American Express has since fixed their disclosure; they have actually raised their exchange rate commissions, but it is now fully disclosed).
I had spent a fortune with American Express during the applicable period, having lived in Europe for most of the time. Based on my back of the envelope calculations when I first received the circular about the lawsuit, I figured that I was due to receive thousands of dollars. Fortunately, I didn't rely on the money, because today when I received it, I got just under $300.
So, who benefits from these class action settlements? I, for one, did not and to make the point I am going to give these pennies to charity. I know that American Express didn't benefit from this. I figure that the rest of the money has gone to the trial attorneys who took my claim and are today going out to by buy yachts so that they can live high on the hog in Miami.
What a waste and what challenges our country faces from trial attorneys.
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Related Articles:
Amex Paying Customers $300 to Cut Up Their Cards by Sam Cass - Feb 24, 2009
20 credit cards that pay you back by ktexas - Mar 14, 2009.
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