$410 Million Settlement Against Bank of America
November 2011 – A $410 million settlement against Bank of America regarding checking fees and associated charges in a consolidated overdraft litigation against more than 30 banks across the United States. The suit alleged that the defendant banking institutions employed software programs designed to extract the greatest possible number of overdraft fees from its customers. Union Bank agreed to settle related suits for $35 million, and Iberia Bank agreed to a $2.5 million settlement in September of 2011. Combined with other settlements in these cases, this multidistrict litigation resulted in one of the largest settlements ever recorded in a consumer case.
Attorneys: Aaron S. Podhurst and Peter Prieto