BofA Agrees To $27.5M Deal To End Overdraft Fee Suit

Law360, New York (January 13, 2016, 6:55 PM EST) -- Bank of America and a proposed class of millions of checking account holders have reached a $27.5 million deal settling claims that the bank improperly imposed overdraft fees on authorized purchases, with plaintiffs on Wednesday telling a Pennsylvania federal court the settlement provided "substantial" relief.

Bank of America was accused of breaching its contracts with account holders by automatically assessing improper overdraft fees. (Credit: AP) Lead plaintiff Sherry L. Bodnar urged the court to preliminarily approve the settlement deal, which was reached after "vigorous" negotiations with the bank, and to certify the proposed 3 million-strong class of account holders so members...

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