Associated Banc-Corp Unit To Exit Overdraft MDL For $13M

Law360, New York (November 28, 2011, 9:27 PM EST) -- An Associated Banc-Corp unit will pay $13 million to exit multidistrict litigation in Florida accusing the bank of breaching contracts by unfairly charging customers exorbitant overdraft fees, the parties said Monday.

The full proposed settlement will be filed as part of a motion for preliminary approval within 45 days, according to a notice filed by attorneys for the plaintiffs and Associated Bank NA.

The original suit, filed in April 2010 in Wisconsin federal court, said the software the bank used to automate its overdraft system maximizes...
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