Attention Shoppers: Settlements May Offer Sizable Windfall

Filing periods for two far-reaching class-action cases settled in 2006 — one against credit card brands Visa (V), MasterCard (MA) and Diner's Club and their card-issuing banks; the other against diamond company DeBeers — come to a close this month. According to one of the suits, between 1996 and 2006, credit card issuers didn't fully disclose the fees they charged for purchases in a foreign currency. (These so-called foreign transaction fees can tack on another 4% to the cost of a purchase, depending on the issuer.) All defendants deny wrongdoing and the case was settled for $336 million. The suit against DeBeers alleged that, between 1994 and 2006, it used its position as one of the world's largest suppliers to fix market prices and overcharge customers. DeBeers, which denies any wrongdoing, settled the case for $295 million.

The settlements cover those who either made a credit card purchase abroad or bought a diamond during the specified time periods. "In many respects, it's found money," says Edgar Dworsky, founder of consumer advocacy site ConsumerWorld.org. "The basis of these suits is that you overpaid, so why not try to get something back? You have absolutely nothing to lose."

But don't expect a check in the mail next week or, for that matter, any time before 2009, explains David Langer, an attorney with Philadelphia law firm Berger & Montague, one of several handling the credit card settlement on behalf of consumers. The defendants may well appeal after claims have been tallied, he says. And even if they don't seek an appeal, it takes time for claims administrators to review and confirm individual consumer claims, says Joseph Tabacco, managing partner at San Francisco-based law firm Berman DeValerio Pease Tabacco Burt & Pucillo, one of several handling the diamond settlement on behalf of consumers and retailers. Those who file should have supporting documentation, such as credit card statements or diamond appraisals, on hand.

Here's how to claim the cash:

Eligibility: Payouts are for those who made at least one purchase abroad using a Visa, MasterCard or Diner's Club credit or debit card issued by a major American bank between Feb. 1, 1996, and Nov. 8, 2006. (Firms handling the case mailed 30 million packets to likely claimants, but filing is not restricted to these consumers.) A separate suit is pending against American Express (AXP); those cards are not eligible.

Expected Payout: $25 and up, depending on which filing option is chosen. There's no compensation cap.

Filing Procedure: File online at CCFSettlement.com, or print out a form and mail it. There are three filing options. The more detail you provide, the more reimbursement you're entitled to: