Lieff Cabraser attorneys Michael Sobol, David Stellings, and Roger Heller have been named finalists for the 2012 Trial Lawyer of the Year Award presented by Public Justice for their outstanding accomplishments in the bank overdraft fee litigation, along with other members of the Plaintiffs’ Executive Committee in the litigation. The award is given to lawyers who win extraordinary verdicts, awards, or settlements for clients in cases with wide-ranging impact.
Sobol, Stellings, and Heller have been committed to ending a deceptive accounting practice in the banking industry that all too frequently entangles people living paycheck-to-paycheck. In litigation against the nation’s largest banks, it was alleged that each of the banks maximized their overdraft fees by reordering the chronology of debit card transactions from highest to lowest so that customers would overdraw their accounts sooner and owe multiple overdraft fees.
Lieff Cabraser served as the lead plaintiffs’ firm prosecuting the action against Bank of America (“BofA”). In November 2011, the Court granted final approval to a $410 million settlement with BofA, one of the largest consumer class action settlements in history. Over 13 million BofA customers will receive refunds, without having to submit a claim. In addition, settlements valued at more than $150 million against other banks have been reached and are awaiting final approval from the court.