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Pennington v. Travelex Currency Services, Inc.

United States District Court, N.D. Illinois, Eastern Division

July 17, 2015

VIRGINIA PENNINGTON, individually and on behalf of all others similarly situatied, Plaintiff,
v.
TRAVELEX CURRENCY SERVICES, INC., WEST SUBURBAN BANK, and WEST SUBURBAN BANCORP, INC., Defendants

Page 698

For Virginia Pennington, Individually and on behalf of all others similarly situated, Plaintiff: Keith R Verges, LEAD ATTORNEY, PRO HAC VICE, Figari Davenport LLP, Dallas, TX; Roshanak Khosravighasemabadi, LEAD ATTORNEY, PRO HAC VICE, Figari & Davenport, L.l.p., Dallas, TX; Terrence Buehler, Touhy, Touhy & Buehler, LLP, Chicago, IL.

For Travelex Currency Services, Inc., Defendant: David Christian Capell, LEAD ATTORNEY, PRO HAC VICE, Gordon & Rees LLP, San Francisco, CA; Thomas Gerald Cronin, LEAD ATTORNEY, Gordon & Rees LLP, Chicago, IL; Jordan Shae Altura, PRO HAC VICE, Gordon & Rees LLP, San Francisco, CA.

For West Suburban Bank, West Suburban Bancorp, Inc., Defendants: Mark Scott Bernstein, LEAD ATTORNEY, Barack, Ferrazzano, Kirschbaum & Nagelberg, Chicago, IL; Sharon E. Calhoun, Barak Ferrazzano Kirschbaum & Nagelberg LLP, Chicago, IL.

Page 699

ORDER

John J. Tharp, Jr., United States District Judge.

For the reasons set forth in the accompanying statement, the Court grants Defendants' motions to dismiss [36]. All four counts of Plaintiff's Amended Complaint are dismissed without prejudice. A status hearing in this matter is set for July 29, 2015, at 9:00 a.m.

STATEMENT

Plaintiff Virginia Pennington claims that the defendants, a currency exchange and a bank, charged her an unfavorable exchange rate--which she defines as a rate less favorable than the interbank exchange rate--when she bought and sold euros through a foreign currency card program the defendants operated. She says the rates charged were fraudulent and violated the program contract, but in fact the defendants never promised her a particular exchange rate--and certainly not the interbank rate--so there was neither fraud nor breach of contract. Accordingly, the plaintiff's claims must be dismissed.

I. Factual Background[1]

Defendants Travelex Currency Services, Inc. (" Travelex" ) operates a foreign currency exchange business through retail locations and on the internet. West Suburban Bank (" WSB" ) is a bank chartered under the laws of Illinois, and West Suburban Bancorp, Inc. (" WS Bancorp" ) is an Illinois corporation that is the parent and sole shareholder of WSB. The distinction between these entities is not material to the issues presented and for simplicity this opinion refers to these defendants as the " Bank."

In 2008, Travelex and the Bank introduced a prepaid foreign currency card entitled " Travelex Chip and PIN Cash Passport" (" Cash Passport" ). Each card was denominated in either British Pounds or Euros. Consumers could load prepaid amounts onto the card balance by paying U.S. Dollars, which would be exchanged for a fixed balance in the foreign currency of the card. With the balance denominated

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in foreign currency, consumers could spend that foreign currency overseas without any further currency exchange transactions. Consumers could also cash out the card balance by withdrawing the card balance, " subject to exchange ...


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