US Bank Loses Arbitration Bid In Overdraft Fraud MDL

Law360, New York (October 27, 2010, 12:52 PM ET) -- U.S. Bank NA has become the latest company to lose its motion for arbitration in a massive multidistrict class action alleging many of the country's top banks bilked customers out of billions of dollars with egregious overdraft fees.

In an order Wednesday denying the bank's motion as untimely, Judge James Lawrence King of the U.S. District Court for the Southern District of Florida said U.S. Bank passed up numerous opportunities to file for arbitration.

“U.S. Bank's failure to move to compel arbitration at the same time...
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