HSBC Dodges State Law Claims In Overdraft Fee MDL

Law360, New York (March 5, 2014, 3:08 PM EST) -- A New York federal judge on Wednesday trimmed a proposed consolidated class action alleging HSBC Bank USA NA improperly maximized overdraft fees, finding that the plaintiffs can't bring claims in states where they have no connection.

U.S. District Judge Arthur D. Spatt dismissed several state law claims and claims for breach of contract, conversion and unjust enrichment in the suit alleging the bank processed customers' largest transactions first, instead of in chronological order, so it could charge more overdraft fees. Claims for breach of implied covenant...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.