I got a notice last week that I’m eligible for a refund on some of the foreign currency exchange fees I’ve paid my credit card company. It’s part of a settlement of a class-action lawsuit. But I confess I didn’t really understand it until I read Laura Bly’s story in USA Today.
I signed up for a $25 settlement, although I wonder if I should have passed. I’m not very comfortable with class-action lawsuits as a means of forcing corporations to treat their customers properly.
First, it’s not efficient. Second, lawyers end up with a good chunk of the money.
Wouldn’t it make more sense – and ultimately cost the consumer less – for the government to regulate and enforce the rules? Then companies wouldn’t rip us off in the first place.