Bancorp, Higher One To Pay FDIC $11M Over Student Fees

Law360, New York (August 8, 2012, 5:19 PM EDT) -- The Bancorp Bank and Higher One Inc. have agreed to pay a total of $282,000 in penalties and $11 million in restitution over claims they deceptively collected fees from student debit card holders, in violation of the Federal Trade Commission Act, the Federal Deposit Insurance Corp. said Wednesday.

Under the FDIC agreement, Wilmington, Del.-based Bancorp will pay $172,000 in penalties to approximately 60,000 students, and New Haven, Conn.-based Higher One will pay $110,000 in penalties and $11 million in restitution. These payouts will settle claims over...
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