Ross, et al. v. Bank of America, N.A., (USA), No. 05-cv-7116 (S.D.N.Y.)
Subject to final approval by the Court, a settlement has been reached with defendant National Arbitration Forum, Inc. ("NAF"). This is the fifth settlement in this matter. On July 26, 2010, the Court entered Final Judgment for settlements reached with four of the seven defendants – Bank of America, Capital One, Chase and HSBC – in Ross, et al. v. Bank of America, N.A., (USA), et al., No. 05-cv-7116, MDL No. 1409 (S.D.N.Y.). This website supplies information about the litigation and the proposed settlement with NAF, including important deadlines and links to relevant documents for Members of the Settlement Class and others interested in the settlements.
This lawsuit involves claims that the settling defendants Bank of America, Capital One, Chase, HSBC and NAF and the non-settling defendants Citibank and Discover violated federal law by conspiring, with each other and certain non-defendants, to require that their cardholders (a) take all legal disputes to arbitration rather than court and (b) give up any right to participate in class actions against the above six credit card companies. This case is on behalf of cardholders who are subject to arbitration clauses. Cardholders who are not subject to arbitration clauses, including any Discover cardholders who have opted out of arbitration, are not included in the case.
All settling defendants and all non-settling defendants deny that they conspired with each other or that they violated any law, and assert that they have done nothing wrong or improper.
IMPORTANT DEADLINES. The deadline for submitting an objection to the settlement with NAF is March 16, 2012. The date of the hearing for final approval of the NAF settlement is April 27, 2012 at 12:00 noon eastern at the U.S. District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007-1581. Please note that dates and other materials set forth in the NAF Preliminary Approval Order and the NAF Memorandum of Settlement (and/or in any of the exhibits) may be changed or revised by the Court. Please check this website or call 1-800-654-4393 for updates.
Please go to the documents page to view the documents filed with the Court concerning the settlement with NAF, the reimbursement of attorneys' fees and litigation expenses, and the litigation generally. A copy of the Notice can be found here.
Please DO NOT contact the Court, the settling defendants, or the non-settling defendants with questions concerning the litigation and the proposed NAF settlement. For inquiries, please use the Contact Us feature on this website or dial 1-800-654-4393.
If you would like information about the settlement in the related matter, In re Currency Conversion Fee Antitrust Litigation (MDL No. 1409), concerning foreign transaction fees, please click here or type www.ccfsettlement.com.