TD Bank Will Pay $62M To End Account Overdraft MDL

Law360, Los Angeles (March 18, 2013, 5:15 PM EDT) -- A Florida federal judge on Monday approved a $62 million settlement of multidistrict litigation in which more than one million class members alleged TD Bank NA manipulated the order of debit card transactions to maximize checking account overdraft fees.

The settlement marks an end to the suit brought against TB Bank in 2010. The named plaintiffs contended the bank had collected hundreds of millions of dollars in excessive overdraft fees by ordering debit card transactions from largest to smallest, so that larger transactions would empty customer...
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