IberiaBank Pays $2.5M To Exit Overdraft MDL

Law360, New York (October 19, 2011, 6:55 PM EDT) -- IberiaBank Corp. agreed Wednesday to pay $2.5 million to settle its involvement in Florida multidistrict litigation accusing several banks of breaching contracts by unfairly charging customers exorbitant overdraft fees.

The Louisiana-based bank, which was originally hit with a putative class action in February, also agreed to end its practice of resequencing customers' debit card transactions, although it maintains it did nothing improper.

IberiaBank and named plaintiffs David and Christine Sachars asked U.S. District Judge James Lawrence King on Wednesday to approve the settlement, which will apply...
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