On November 15, 2013, Judge King in the Southern District of Florida preliminarily approved a settlement of another excessive overdraft class action, this one against Comerica.
Continue reading “Court preliminarily approves settlement of Comerica overdraft class action”
A Florida federal judge overseeing multidistrict litigation regarding checking account overdraft fees on Tuesday deemed the arbitration provisions signed by KeyBank NA and Wells Fargo & Co. customers enforceable.
On August 12, 2013, Comerica Bank informed Judge King in the Southern District of Florida that it had signed a summary agreement with plaintiff’s counsel settling the excessive overdraft lawsuit pending in the Southern District of Florida for $14.58 million. This is another in a wave of recent settlements in these excessive overdraft lawsuits.
Florida federal judge King, who had been assigned a number of excessive overdraft cases by the MDL panel, signed off on four other settlements of class actions accusing the bank of manipulating debit card transactions to collect higher overdraft fees.
Continue reading “Florida MDL Judge approves four more excessive overdraft settlements”
On July 29, 2013, Judge King, from the Southern District of Florida, approved a $55 million settlement between US Bank and a proposed class of over one million customers of US Bank, putting to rest a class action accusing the bank of manipulating debit card transactions to collect higher overdraft fees.
Continue reading “Court approves $55 million settlement in US Bank overdraft class action”
Wells Fargo Bank is not entitled to demand arbitration on appeal for a customer class action suit challenging the bank’s high-to-low debit card posting scheme under California’s Unfair Competition Law as “unfair” and “fraudulent.” National banking laws preempt California state law regarding the unfairness of a bank’s posting scheme, but not any fraudulent misrepresentations made about it to customers. Continue reading “Wells Fargo may be liable under UTPA in excessive overdraft cases”
In June, 2012, I reported that after Judge King in the MDL proceedings in Florida certified a nationwide class action against PNC Bank, the bank agreed to settle the claims of its customers who contend it charged excessive overdrafts when it changed the method of posting debit transactions to largest to smallest. On December 7, 2012, Judge King preliminarily approved the $90 million settlement. There will be a Fairness Hearing to determine if the court will finally approve the settlement on May 17, 2013 at 11 a.m.
Just as the holiday bills are about to come due, a federal appeals court Wednesday ruled that banks may post checking account withdrawals in a manner that allows them to garner higher overdraft fees.
A three-judge panel of the U.S. 9th Circuit Court of Appeals unanimously overturned a District Court injunction that prohibited Wells Fargo from charging Californians overdraft fees based on posting the most expensive debit-card transactions first. Continue reading “Ninth Circuit reverses District Court finding against Wells Fargo in excessive overdraft class action”
Another bank has chosen to resolve the claims that they overcharged customers when they changed their policy for recording debit transactions from highest to lowers.
Plaintiffs, individually and as representatives of a proposed Settlement Class, and Defendant, Susquehanna Bank notified the federal court in the Southern District of Florida that on December 20, 2012, they executed a Summary Agreement Continue reading “Susquehanna Bank settles excessive overdraft fee class action”
On December 20, 2012, Judge King in the Southern District of Florida granted final approval to a settlement that provided $100 million in cash, and $52 million in future savings to the class because of a changed business practice at JPMorgan Chase. The settlement was between JPMorgan Chase and its customers who were allegedly charged excessive overdraft fees when JPMorgan Chase switched its method for ordering transactions based on highest to lowest.
On December 18, 2012, Judge King from the Southern District of Florida, where the numerous excessive overdraft cases were sent by the MDL panel, granted final approval of an $18 million settlement between Bank of the West and the settlement class. The parties will have to wait 30 days to see if there are any appeals from the final approval order. If there are no appeals, checks should go out in about 90 days.
On October 4, 2012, Judge King, presiding over the MDL proceedings against the various banks of charging excessive overdraft fees by reordering debit sequencing, preliminarily approved a settlement of the class action pending against Harris Bank for $9.4 million.
The final approval hearing will be April 19, 2013.
Another excessive overdraft class action pending in the MDL proceedings in the Southern District of Florida has settled. On October 4, 2012, Judge King preliminarily approved the settlement for $4 million.
The final approval hearing will be held on April 19, 2013.
On September 13, 2012, Judge King gave final approval to the Union Bank excessive overdraft class action settlement. Payments may come before the end of the year.
Plaintiffs and TD Bank, N.A. have agreed to a settlement of an excessive overdraft class action pending in the Southern District of Florida as part of the multidistrict litigation pending there. Plaintiffs and the proposed Settlement Class would release their claims in exchange for TD Banks total payment of $62 million. In addition, TD Bank has agreed to pay all fees and costs associated with providing notice to the Settlement Class. The court preliminarily approved the settlement on September 19, 2012.
I earlier posted in May 2012 that the excessive overdraft class action against Bank of Oklahoma had settled for $19 million. On September 12, 2012, Judge King entered an order finally approving the settlement and entered a final judgment in the case. If no objectors appeal in the next 30 days, checks could be going out by the end of the year.
Another bank has agreed to settle an excessive overdraft fee class action. U.S. Bank announced that it will settle this class action for $55 million. As I earlier wrote on this blog, there are dozens of cases against banks alleging the banks reordered debit card transactions from largest to smallest, rather than processing them in chronological order. These cases were all transferred to Judge James Lawrence King in the Southern District of Florida. Continue reading “US Bank agrees to settle excessive overdraft fee class action for $55 million”
On August 16, 2012, Judge King of the Southern District of Florida federal court preliminarily approved a settlement of a class action against Commerce Bank arising out of the bank’s alleged practices of reordering debit transactions from largest to smallest. More than a dozen of these class actions that were all pending in the Southern District of Florida after being transferred there by the MDL panel have settled in recent months.
Judge James Lawrence King of the U.S. District Court for the Southern District of Florida recently concluded that the Court had subject-matter jurisdiction under the Class Action Fairness Act (CAFA) over putative class claims against United Bank, a West Virginia bank, despite the submission of some proof by the defendant that the three exceptions to CAFA applied. In re Checking Account Overdraft Litigation, No. 09-MD-2036-JLK (S.D. Fla. July 25, 2012). Continue reading “Bank’s attempt to avoid CAFA jurisdiction in overdraft class action rejected”
Another bank has agreed to settle claims that it had charged excessive overdraft fees when it reordered debit card transactions from highest to lowest.
The parties in a putative class action lawsuit against Compass Bank notified the federal district court in the Southern District of Florida that they executed a Summary Agreement that sets forth the material terms of the parties’ binding and enforceable agreement to fully, finally and forever resolve, discharge, and release all rights and claims in, or that could have been asserted in, the above referenced action based on Compass’ payment of the sum of $11 million. Continue reading “Compass Bank settles excessive overdraft class action for $11.5 million”
