Union Bank Checks Out Of Overdraft Fee MDL For $35M

Posted on: November 17th, 2011 by Steve Larson

Union Bank NA will shell out $35 million to withdraw from the multidistrict litigation in Florida accusing several banks of breaching contracts by unfairly charging customers exorbitant overdraft fees when they switched the order of processing the debit transactions to highest to lowest.  I earlier posted that Judge King had certified a class action against Union Bank.

This is the second bank to settle to get out of this litigation.  I earlier posted a note when Bank of America settled for $410 million.  Hopefully, there will be more settlements soon.