Bank of America Overdraft Fees
Result: $410 million settlement
Year: 2011
Lieff Cabraser serves on the plaintiffs’ executive committee and is the lead plaintiffs’ law firm prosecuting the case against Bank of America in Multi-District Litigation against the nation’s major banks for the collection of excessive overdraft fees. The lawsuits charge that the banks entered charges debiting customer’s accounts from the “largest to the smallest” for the purpose of maximizing the number of times they could assess their customers overdraft fees. In March 2010, the Court denied defendants’ motions to dismiss the complaints.
In November 2011, the Court granted final approval to a $410 million settlement of the case against Bank of America. In approving the settlement, U.S. District Court Judge James Lawrence King stated, “This is 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.”
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