July 26, 2011
BusinessWeek, "BofA Wins Approval for $410 Million Overdraft Fee Settlement"
Bank of America Corp., the largest debit card issuer, won court approval of a $410 million settlement with customers who accused the bank of charging excessive overdraft fees for electronic transactions.
U.S. District Judge James Lawrence King in Miami yesterday approved the accord between the bank and about 1 million account holders, who may receive as much as 45 cents on the dollar on their claims, their lawyers said. That still amounts to a fraction of the overdraft fees they paid, the lawyers added.
"This a marvelous result for the members of the class," King said at a hearing.
Read the full article at BusinessWeek.com.