US Bank to Pay $55M To End Overdraft Fee MDL

Law360, New York (July 24, 2013, 4:04 PM EDT) -- Classes of bank customers asked a Florida federal judge Wednesday to sign off on a $55 million settlement in multidistrict litigation against a U.S. Bancorp subsidiary, putting to rest three proposed class actions accusing the bank of manipulating debit card transactions to collect higher overdraft fees.  

The three suits were filed in 2009 against U.S. Bank NA, alleging that it improperly changed the order of customers' debit card transactions in order to maximize overdraft fees, according to Wednesday's proposed settlement. The classes in the suits consisted...
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