Just Got my Checks from LiPuma Class Action

These checks demonstrate everything that is wrong with our country.

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.

Jason Rodgers
Jason Rodgers: Jason Rodgers was an experienced research analyst for a major bank prior to retiring to run his own investment consultancy in beautiful Lihue, Hawaii. Jason contributed articles to BestCashCow from 2008 to 2014.

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Comments

  • Marcus

    February 06, 2009

    I got some money, too, and it's money I didn't even know I had coming, so I'm not complaining. So the lawyers made ten or fifteen bucks off me. If they walked up to me on the street and said "You are owed $50 you don't know anything about. Give me a third of what I can collect it for you and I'll get you as much as I can. Deal?" I'd say yes to that every hour of the day.

    Now, if I had $10,000 coming, and I knew it, and the deal was only going to give me $100, then I'd pass, but I got a notice saying I could reject the deal and sue Amex myself. I could make a little more by doing that and suing Amex myself, but let's be real. I'm not going to take a day off work to go to small claims court, and even if I do, I'm not sure I'd be able to convince the judge to give me a settlement any better than what I'm getting.

    Give yours to charity. Awesome. But I'm not making what I made two years ago, and filling my gas tank with found money is a good deal for me.

  • Jan

    February 06, 2009

    Yesterday I got a check for $100.60 to my huge surprise. This began so long ago I had absolutely no recollection of this action. nice surprise.

  • Pierre

    February 07, 2009

    $49.90 for me!!!

  • R.T.

    February 07, 2009

    I received 2 checks for a total of $29.55 but have put thousand's on the card out of the country.

  • AA

    February 09, 2009

    I received one for 320. I did not realize that I was receiving anything. I wonder how this got calculated.

  • mh

    February 10, 2009

    I calculate that I put about 200k on my AE card while overseas during that time period. I got a check for $227.
    Guess the lawyers got the rest. Would like to know how this was calculated also!!!

  • Chrystinp

    February 10, 2009

    $47.14 received and will go to Central Dallas Ministries.

  • mike

    February 18, 2009

    I bet I set the record for $ of the checks, mine equals $0.70

  • hms

    March 01, 2009

    I just got a third check yesterday. All of them less than $10. I was wondering why the multiple checks. I don't want to go to the bank and they won't cash it. That really will be a waste of time for less than $10.

  • te

    March 15, 2009

    I received a check for $0.66. That is sixty six cents.

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