Union Bank Checks Out Of Overdraft Fee MDL For $35M

Law360, New York (November 4, 2011, 4:10 PM EDT) -- Union Bank NA will shell out $35 million to withdraw from a multidistrict litigation in Florida accusing several banks of breaching contracts by unfairly charging customers exorbitant overdraft fees, the parties said Wednesday.

A notice filed by both parties said Union Bank would pay the sum “in exchange for a full and complete release of all claims brought” against it in the MDL. The proposed settlement will be filed with the court within 45 days, it said.

An attorney for Union Bank declined to comment, and...
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