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Case Center
Bank Overdraft Fees
- Issue: Accounting tricks to maximize overdraft fees
In Re Checking Account Overdraft Litigation
Lieff Cabraser serves on the plaintiffs’ executive committee in a MDL action before U.S. District Court Judge James Lawrence King in Miami, Florida, against the nation’s major banks for the collection of excessive overdraft fees. The alleged common nucleus of specific facts asserts a common practice by banks to enter charges debiting customers' accounts from the "largest to the smallest," thus maximizing the overdraft fee revenue for themselves.
In March 2010, Judge King denied defendants’ motions to dismiss the complaints. In May 2011, the Court granted preliminary approval to a $410 million settlement with Bank of America.
On September 1, 2011, the Court denied renewed motions by Branch Banking & Trust Company, M&T Bank Corporation, Regions Financial Corporation, and SunTrust Banks to compel arbitration in the multidistrict bank overdraft fee litigation.
Please visit Bank-Overdraft.com to learn more about the national bank overdraft fees litigation.
Click here to learn about the class action trial in the California Wells Fargo case.