FNB To Pay $3M In Overdraft Fee Class Action Settlement

Law360, New York (February 12, 2013, 7:13 PM EST) -- A Pennsylvania federal judge on Tuesday preliminarily approved a $3 million settlement in a consolidated class action filed against FNB Corp. and First National Bank of Pennsylvania disputing overdraft fees, saying the deal represents a true compromise by both sides.

U.S. District Judge Arthur J. Schwab certified the class and granted the plaintiffs’ unopposed motion for preliminary approval to settle two putative class actions filed in 2012 alleging FNB systematically re-sequenced customers’ debit and credit card transactions to maximize the bank’s overdraft fee revenue. Judge Schwab...
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