$27.5 Million Settlement for Bank of America Customers Wrongly Charged Overdraft Fees

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Helen Jones
Executive Vice President 

On January 18, 2016, after two years of litigation, Bank of America (“BOA”) settled class action claims with BOA debit cardholders who claimed the company violated consumer protection laws by falsely charging class members overdraft fees. The settlement of $27.5 million, which was reached with the help of Magistrate Judge Wells and Judge Phillips, will distribute reimbursements to class members based on the amount of overdraft fees they were charged. The agreement also specifies that no class member will be reimbursed less than $5. Additionally, 33% of the $27.5 million settlement will be set aside for attorneys’ fees.

The class is made up of BOA customers within the U.S. who have had a checking account with the company since May 25, 2011. Many believe that the class will swell to around three million affected people by the time the agreement is given final court approval. Class counsel has asked the court to set the hearing date for final approval of the settlement no later than June 2016.

The Case is: Sherry L. Bodnar v. Bank of America NA, Case No. 5:14-cv-03224, in the U.S. District Court for the Eastern District of Pennsylvania

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