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Court Approves $410 Million Settlement in BofA Overdraft Fees Class Action

November 9, 2011

Earlier this week, U.S. District Court Judge James Lawrence King has granted final approval to a $410 million settlement in the multi-district litigation against Bank of America for collecting excessive overdraft fees.  The complaint charged that Bank of America processed debit card transactions in order of highest to lowest dollar amount to maximize the number of overdraft fees assessed to its customers.  

In approving the settlement, Judge King stated, “This a marvelous result for the members of the class.”  Judge King added, “[B]ut for the high level of dedication, ability and massive and incredible hard work by the Class attorneys . . . I do not believe the Class would have ever seen . . . a penny.” 

Lieff Cabraser serves on the plaintiffs’ executive committee and was a lead plaintiffs’ law firm prosecuting the case against Bank of America.   Learn more about our firm's consumer protection cases at http://www.lieffcabraser.com/practices/4/consumer-protection