Ohio Bank Settles $3M Contract Suit With Tax Refund Co.

By Yvonne Juris (March 12, 2020, 12:57 PM EDT) -- An Ohio bank has settled its dispute with a software company over claims the company prematurely opted out of an agreement in which the bank held tax refunds in exchange for fees and interest, an Ohio federal judge said.

While the settlement details were not immediately available, U.S. District Judge Algenon L. Marbley on Wednesday dismissed Ohio Valley Bank's $3 million suit claiming that MetaBank, which does business as Refund Advantage, had violated an agreement that allowed the Ohio bank to hold refunds for MetaBank customers while they were processed. Each party will pay its own attorney fees, costs and expenses,...

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