Great Western Bank Pays $2.2M To Settle Overdraft Fee Claims

Law360, Washington (August 28, 2012, 6:26 PM EDT) -- Great Western Bank has agreed to pay $2.2 million to settle class action allegations that it manipulated customers' debit charges in order to generate additional overdraft fee revenue, according to court documents filed Monday.

In addition to paying customers $2.2 million — which plaintiffs say is 50 percent of the most probable recovery they could have achieved at trial — the bank will also pay costs associated with class notice and settlement administration. Plaintiffs' attorneys called the agreement “outstanding,” especially given the risks class members would...
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