Overdraft class actions against Bank of Oklahoma settle

Posted on: May 2nd, 2012 by Steve Larson

The parties to the excessive overdraft case against Bank of Oklahoma pending in the Southern District of Florida, as well as other actions currently pending in Oklahoma state court have agreed to settle the actions pursuant to the terms and conditions set forth in an executed Settlement Agreement and Release. The parties reached the settlement through arms-length negotiations with the assistance of United States District Judge Layn Phillips (Ret.), an experienced and well-respected mediator. Under the Settlement Agreement, subject to the terms and conditions therein and subject to Court approval, Plaintiffs and the proposed Settlement Class would fully, finally, and forever resolve, discharge and release their claims in exchange for Defendant Bank of Oklahoma’s payment of $19,000,000, inclusive of all attorneys’ fees and costs, to create a common fund to benefit the Settlement Class. In addition, Bank of Oklahoma will separately pay all costs and fees associated with providing Notice to the Settlement Class and the costs and fees of Settlement Administration.