TD Bank Puts Up $62M To Check Out Of Overdraft Fee Case

Law360, New York (May 11, 2012, 10:04 PM EDT) -- TD Bank NA on Friday offered a $62 million settlement to resolve claims that it manipulated the order of debit card transactions to maximize overdraft fees, just a month after a Florida federal judge certified a class of the bank’s customers.

An attorney for the plaintiffs told Law360 that the amount was an “extremely substantial” percentage of the class members’ damages. He said more details about the specific range of recovery would appear in future filings.

“It’s an outstanding result for the class,” Robert C. Gilbert...
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