Judge King gives final approval to $55 million excessive overdraft settlement with US Bank

Posted on: February 10th, 2014 by Steve Larson

FeeOn January 3, 2014, federal district judge King, in the Southern District of Florida gave final approval to a $55 million settlement of a class action brought by customers of US Bank against the bank alleging that the bank reorders debit transactions in order to collect excessive overdraft fees.  The judge stated that “after careful consideration of the presentations of the Parties, the Court concludes that this Settlement provides a fair, reasonable and adequate recovery for Settlement Class Members, representing approximately thirteen percent (13%) of the most probable recoverable damages based on the creation of a $55,000,000 common fund. The Settlement constitutes an excellent result for the Settlement Class under the circumstances and challenges presented by the Action.  The Court specifically finds that the Settlement is fair, reasonable and adequate, and a satisfactory compromise of the Settlement Class Members’ claims. The Court approves the withdrawal of eight (8) objections (DE # 3693, 3694, 3695, 3698, 3700, 3706, 3710, 3711) and overrules the remaining six (6) objections to the Settlement.”