JPMorgan Chase settles excessive overdraft fee class action for $110 million

Posted on: February 13th, 2012 by Steve Larson

Counsel for JPMorgan Chase and its customers have informed Judge King that they have reached an agreement to resolve the class action lawsuits pending against JPMorgan Chase in the MDL proceeding in the Southern District of Florida for $110 million.  The complaint alleges that JPMorgan Chase breached the duty of good faith and fair dealing when it unilaterally changed the manner in which debit card payments were charged against the account.  JPMorgan Chase changed from debiting the accounts in the order the charges were presented, to debiting the account from largest amount to smallest amount.  This is the eighth case that has settled in the MDL proceedings, and is also the largest settlement amount.  The other settlements have also been reported on this blog.