Daily Bar News

Todays Date: Click here to add this website to your favorites
  rss
Bar News Search >>>
law firm web design
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
First U.S. class-action overdraft fee case settles

•  Recent Cases     updated  2011/11/10 09:34


Union Bank, part of Japan's Mitsubishi UFJ Financial Group Inc , agreed to pay $35 million to settle the first class-action lawsuit arising from nationwide litigation accusing lenders of charging excessive overdraft fees.

The litigation consolidates lawsuits filed against more than two dozen U.S., Canadian and European lenders such as JPMorgan Chase & Co , Citigroup Inc and Wells Fargo & Co .

It accuses lenders of routinely processing transactions from largest to smallest rather than in chronological order. This can cause account balances to fall more quickly, and overdraft fees, typically $25 or $35, to pile up faster.

A notice of the Union Bank settlement was filed on Wednesday with the U.S. District Court in Miami. The settlement requires approval by U.S. District Judge James Lawrence King, who oversees the litigation.

King granted class certification in the Union Bank case in July. That meant that customers, estimated in the tens of thousands, could sue the San Francisco-based bank as a group.

ⓒ Daily Bar News - All Rights Reserved.

The content contained on the web site has been prepared by Daily Bar News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.

Law Firm Website Design by Lawyer Website Design That Works