Commerce Bank Forks Over $18M To Exit Overdraft Fee MDL

Law360, New York (August 14, 2012, 10:26 PM EDT) -- Commerce Bank NA on Tuesday agreed to pay $18.3 million to settle a class action in Florida brought by customers who say the company used a computer software scheme to illegally collect hundreds of millions of dollars in excessive overdraft fees.

In a settlement agreement filed in the Southern District of Florida, Commerce agreed to make a $18.3 million payment — which the parties estimate is 45 percent of the most probable recovery the class could have achieved at trial — and pay the costs associated...
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