In re: Checking Account Overdraft Litigation
Our attorneys have represented Bank of America, N.A. (BANA) in all facets of this multidistrict litigation that, at its peak, involved almost three dozen financial institutions and more than 50 putative class action cases. Plaintiffs, on behalf of state-wide and nationwide putative classes, alleged that the defendant-banks, including BANA, manipulated the processing of debit card and ATM transactions in such a fashion as to increase the number of overdraft fees assessed to customers, failed to notify customers at the point of sale when a transaction appeared to create an overdraft on the account, and failed to provide customers with the right to opt out of overdraft coverage, among other allegations. Our attorneys argued to the court on the motion to create the Multi-District Litigation (MDL) proceeding and, prior to the settlement phase of the litigation, had a leading role among the defense counsel, including in the formulation and execution of defense group strategy, and on behalf of the defense group, we argued various key issues to the court. On behalf of BANA, we negotiated all aspects of the terms and documentation of a class settlement of the claims against it, thereby creating a template for most subsequent settlements in the MDL. Since the settlement was preliminarily and finally approved by the Court, we have handled for BANA all of the issues of settlement administration and implementation that have arisen.