Ross, et al. v. Bank of America, N.A., (USA), No. 05-cv-7116 (S.D.N.Y.)
This lawsuit involves claims that the defendants – Bank of America, Capital One, Chase, Citibank, Discover, HSBC and the National Arbitration Forum, Inc. ("NAF") – violated federal law by conspiring, with each other and certain non-defendants, to require that the bank defendants' 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.
Plaintiffs reached settlements with five of the defendants: Bank of America, Capital One, Chase, HSBC and NAF. On July 26, 2010, the Court entered Final Judgment for settlements reached with the four bank defendants. On April 30, 2012, the Court granted final approval of the settlement reached with defendant NAF.
Beginning in January 2013, the Court held a five-week bench trial of Plaintiffs' antitrust claims against the non-settling bank defendants: Citibank and Discover. Plaintiffs' claims were consolidated for trial with similar claims brought by plaintiffs in the related matter, Ross v. American Express Co., No. 04-5723, MDL No. 1409 (S.D.N.Y.) (Pauley, J.). (You may obtain information about the American Express matter by clicking here or type www.ccfsettlement.com.) As a result, there were three defendants at trial: American Express, Citibank and Discover. Following trial, Plaintiffs submitted detailed proposed findings of fact and conclusions of law in support of their antitrust claims. You may view Plaintiffs' submissions, as well as the trial defendants' submissions, by clicking the Documents tab. On May 6, 2013, the Court heard closing arguments. The Court has not yet ruled on Plaintiffs' claims.
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.
Please go to the documents page to view the documents filed with the Court concerning the trial, the settlements, and the litigation generally.
Please DO NOT contact the Court, the settling defendants, or the non-settling defendants with questions concerning the litigation. 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.