US Bank Puts Up $55M To Exit Overdraft Fee MDL

Law360, New York (July 2, 2012, 6:12 PM EDT) -- U.S. Bank NA is the latest to resolve allegations that it tampered with its customers’ debit card transactions to collect higher overdraft fees, agreeing on Monday to pay $55 million to skip out of the multidistrict litigation in Florida.

The announcement comes a week after PNC Bank NA agreed to settle allegations against it in the MDL for $90 million.

The lawsuits accused U.S. Bank of operating an internal computer system that resequenced customers’ debit card transactions from their proper, chronological order to being posted from...
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