RBS Citizens Pays $137.5M To Settle Overdraft Fee Suit

Law360, New York (April 25, 2012, 3:57 PM EDT) -- RBS Citizens NA on Wednesday agreed to pay $137.5 million to settle its role in a class action alleging it manipulated customers' debit card and ATM transactions to generate excess overdraft fee revenues.

The lawsuit is part of a sprawling multidistrict litigation involving more than 30 different banks.

RBS Citizens, Citizens Financial Group Inc. and Citizens Bank of Pennsylvania, all parts of the Royal Bank of Scotland, were accused of using software programs designed to extract the greatest possible number of overdraft fees from its customers....
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