A Third Bank Agrees to Settle to Exit Overdraft MDL

Posted on: November 16th, 2011 by Steve Larson

On November 2, 2011, Iberia Bank agreed to pay $2.5 million to settle a class action against it that was pending in the Florida multidistrict litigation in which several banks are defendants in cases alleging that the banks breached the covenant of good faith and fair dealing when they unfairly charged customers exorbitant overdraft fees by reordering how the debit transactions were processed from highest to lowest.