BMO Harris Bank Settles Overdraft Fee Suit For $9.4M

Law360, New York (December 21, 2011, 4:35 PM EST) -- Bank of Montreal's BMO Harris Bank NA has agreed to settle for $9.4 million its part in Florida multidistrict litigation accusing numerous banks of breaching contracts by charging customers unfair and excessive overdraft fees, according to a court notice filed Tuesday.

The Chicago-based bank and named plaintiff Stephanie Blahut asked Judge James Lawrence King on to approve the settlement they reached Nov. 30. It will resolve a dispute that originated in April 2010 when Blahut, a customer, brought a class action against the bank for “unfair...
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