Bank of America will have to pay $410 million to settle its portion of a broad lawsuit involving excessive overdraft fees on debit cards. The settlement was tentatively approved by a federal judge in Miami on May 23rd. The claim against Bank of America is part of a class-action lawsuit filed on behalf of consumers. It accuses the nation’s banks of manipulating debit transactions to maximize the fees they could charge customers who exceeded the balance in their accounts.
Bank of America is the first Defendant to settle in the case, which included over 30 Defendants, including JPMorgan Chase, Wells Fargo, U.S. Bank, and Citibank. A hearing on final approval has been scheduled for November 7th. Bobby Gilbert and Bruce Rogue, who are lawyers with the Alters Law Firm in Miami, represented the Plaintiffs and they did a very good job.
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