Class Action
$410 Million Settlement With Bank of America
2011 – Podhurst Orseck attorneys helped secure a $410 million settlement with Bank of America in a consolidated multi-district litigation stemming from unfair overdraft policies alleged to cost 13.2 million current and former customers roughly $4.5 billion over the course of a decade. The suit alleged that the defendant banks employed software programs designed to extract the greatest possible number of overdraft fees from its customers. Combined with other settlements in these cases, this litigation resulted in one of the largest settlements ever recorded in a consumer case.