Eighth bank settles overdraft class action

Posted on: January 9th, 2012 by Steve Larson

As reported earlier on this blog, a number of banks have recently been settling the excessive overdraft class actions pending against them in the MDL proceeding in the Southern District of Florida.  On about December 23, 2011, Commerce Bank announced it had reached an $18.3 million settlement in a class action lawsuit that claimed the bank improperly charged overdraft fees on certain debit card transactions.

The settlement still must be approved by the court, but the $18.3 million is to refund class members, pay attorney fees and cover additional costs.

The class action lawsuit, Wolfgeher v. Commerce Bank, was originally filed in the Western District of Missouri before being transferred to the Southern District of Florida.