Miami-based Alters Law Firm was lead counsel on $410 Million settlement with Bank of America
Monday, May 30, 2011
More than one million bank customers will recoup funds lost to overdraft fees
The Miami-based Alters Law Firm served as lead counsel on a groundbreaking $410 million settlement with Bank of America that will allow more than one million consumers nationwide to recoup money lost to overdraft fees. The settlement won preliminary approval from Judge James Lawrence King of Federal District Court in South Florida. Alters Law Firm attorneys Bruce Rogow and Jeremy Alters, working with more than 7 other leading law firms, are the lead counsel in a nationwide class action lawsuit involving more than 30 banks and dozens of plaintiffs.
“People who have accounts should be treated fairly by their banks,” said Jeremy Alters. “Too many people are being exploited by overdraft practices designed to maximize the profits of big banks by punishing people who are just trying to make ends meet. We hope this settlement deters other big banks from continually preying on consumers.”
Banks nationwide have manipulated the order that debit card transactions are posted to checking accounts to maximize the overdraft fees they can charge consumers. Banks make nearly $40 billion a year from charging consumer with overdraft fees. The median overdraft fee is $35.
The nation’s largest consumer bank, Bank of America was the first bank involved in the national class action to settle. Deposits held by Bank of America are valued at more than $976 billion, the most of any bank. It holds 13.3% of all U.S. deposits, according to data from The Pew Health Group.
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