BofA To Pay $410M To Exit Overdraft Fee MDL

Law360, New York (February 7, 2011, 1:43 PM EST) -- Bank of America NA has agreed to pay $410 million to end its involvement in a multidistrict litigation that accuses the banking giant and others of charging customers exorbitant overdraft fees.

The parties filed a notice of settlement in the U.S. District Court for the Southern District of Florida on Friday that an agreement in principle had been reached under which Bank of America would cough up $410 million in exchange for a complete release of all claims brought against the company in the MDL....
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