TD Bank settles excessive overdraft class action

Posted on: May 21st, 2012 by Steve Larson

I have reported on a number of settlements of excessive overdraft class actions pending against various banks in the Southern District of Florida.  Another one settled.  

Plaintiffs and Defendant TD Bank filed a Joint Notice of Settlement on May 11, 2012.  In the Notice of Settlement, Plaintiffs and TD Bank advised the Court that on May 8, 2012, they executed a Summary Agreement that sets forth the material terms of the parties’ binding and enforceable agreement to fully, finally and forever resolve, discharge, and release all rights and claims in, or that could have been asserted in the excessive overdraft class actions filed against TD Bank in exchange for the payment of $62 million.

The settlement is subject to preliminary and final approval of the settlement and dismissal of the actions with prejudice by the Court. The parties further advised that the settlement will be memorialized in a comprehensive written Settlement Agreement, which the parties will endeavor to file with the Court as part of a motion for preliminary approval.