Judge OKs $4M Settlement In BofA Late Fee Class Action

Law360, Los Angeles (September 12, 2013, 7:51 PM EDT) -- A Rhode Island federal judge on Thursday approved Bank of America Corp.’s revised $4 million settlement aimed at resolving a class action over allegedly unfair late fees imposed on credit card customers, finding that the new agreement properly awards the parties without excessive attorneys’ fees.

U.S. District Judge Joseph A. DiClerico Jr., sitting by designation from the District of New Hampshire, approved the settlement after rejecting an earlier $2.2 million deal last year, finding that its $1.5 million in class counsel fees and expenses dwarfs class members’ recovery....
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