FNB Reaches $3M Overdraft Fee Class Action Settlement

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Wednesday, 13 February 2013 13:32
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FNB Reaches $3M Overdraft Fee Class Action Settlement
By Matt O’Donnell

First National Bank has reached a $3 million class action lawsuit settlement over allegations it charged improper overdraft fees to checking account customers.U.S. District Judge Arthur J. Schwab preliminarily approved the FNB class action settlement yesterday and certified a class of all First National Bank customers in the United States who incurred an overdraft fee as a result of the bank’s practice of re-sequencing transactions.
Plaintiffs in the class action lawsuit alleged FNB reordered debit and credit card transactions from highest to lowest dollar amount to increase the likelihood that customers would overdraw their accounts and trigger overdraft fees. This practice violated its customer contract, violated state unfair trade practices laws, and resulted in unjust enrichment, according to the class action lawsuit.FNB denies the allegations but has agreed to the $3 million class action lawsuit settlement to resolve the litigation.“If not for the proposed settlement, defendants would continue to fiercely contest this action, which would likely continue for years at substantial cost to both parties,” plaintiffs said in their motion for approval. “Thus, the proposed settlement ensures the class a substantial benefit now, while eliminating further expenses, uncertainty, and delay.” Judge Schwab agreed, saying the settlement “appropriately accounts for the complexity, risk, expense and likely duration of the litigation in light of their disputes on multiple issues.”A Final Fairness hearing is set for June 21, 2013. Claim Forms and instructions on how to apply for a refund under the First National Bank overdraft settlement will be released in the coming weeks.Keep checking Top Class Actions or sign up for our free weekly newsletter to receive claim filing instructions as soon as they’re available.The First National Bank Overdraft Fee Class Action Settlement case is Ord et al. v. FNB Corp. et al., Case No. 12-cv-00766, U.S. District Court for the Western District of Pennsylvania.

 
Updated February 13th, 2013

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Last Updated on Wednesday, 13 February 2013 13:32

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