International Transactions Fees

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What is happening:

Around December 10, 2007 a follow up mailing was sent to each recipient of the original Notice of Class Action Settlement.  The follow up mailing extends the deadline for claim submissions from January 9, 2008 to May 30, 2008.   
 
Should any of our clients contact you about the Notice, you should inform the client that JPMorgan is not directly related to the settlement process and that questions should be directed to the Settlement administrators:
•    By phone: (800) 945-9890
•    Via the internet: www.ccfsettlement.com
•    By mail:
Bonny E. Sweeney                      or      Merrill G. Davidoff
Lerach, Coughlin, Stoia, Geller,               Berger & Montague, P.C.
Rudman & Robbins, LLP                         1622 Locust St.
655 West Broadway, Suite 1900             Philadelphia, PA 19103
San Diego, CA  92101

Impact to Clients:

Some clients may have the opportunity to make claims against the settlement funds.  Clients are not obligated to make a claim.  JPMC is not in a position to quantify a client’s potential claim.
•    How to make a claim against the settlement fund; and
•    How to obtain more information about the lawsuit and/or the settlement, including through a website (http://www.ccfsettlement.com/).

The Notice will be mailed to all Visa and MasterCard credit card users, regardless of bank issuer and including both consumer and commercial cards, who may have made international transactions between February 1, 1996 and November 8, 2006.   

For commercial card users, the Notice is being sent only to the company, via the Program Administrator, and not to individual cardholders.

While JPMorganChase provided the list and contact information of our client companies, the mail piece will be addressed from the settlement lawyers and will not contain any specific reference to JPMorganChase.

Some clients may have the opportunity to make claims against the settlement funds.  Clients are not obligated to make a claim.  JPMC is not in a position to quantify a client’s potential claim.

There will be no change to existing commercial card programs at JPMC.  Neither past pricing terms that have applied to historical international transactions, nor current terms that will apply to future international transactions, are affected by the settlement agreement.

Note:  For reference, JPMC Commercial Card clients have been, and will continue to be, charged a 1% fee on international transactions.  This 1% fee is a pass-through of the fees that Visa and MasterCard assess on international transaction.  JPMC Commercial Cards does not assess any additional fees on international transactions.



 

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Last updated February 19, 2008
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