$15M Settlement Reached in Higher One Fees Class Action Lawsuit

Santa Clara, CA: A $15 million settlement has been reached in a class action lawsuit against Higher One Holdings, Inc., Higher One, Inc., The Bancorp Bank, Wright Express Financial Services Corporation now known as WEX Bank, and Taylor Capital Group, Inc. ("Defendants") regarding the Fees charged and the marketing of the Higher One OneAccount.

A student at Ventura College in California filed an unfair business practices class action against Higher One alleging the company automatically creates bank accounts for students, without their knowledge, and unjustly charges fees associated with accessing student loan funds placed into those accounts.

In her lawsuit, student Sherry McFall claimed that Higher One charges onerous fees and misleads students, specifically, that Higher One's debit card is deceptively marketed as a school's recommended method for receiving financial aid refunds.

The Court granted final approval of the settlement on November 24, 2014. The clam review process has been completed and settlement benefit checks were mailed April 10, 2015. Eligible class members who filed claims were entitled to a cash payment from the $15,000,000 settlement fund.

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Published on Apr-20-15