BigClassActions.com

Capital One Reaches $31.7M Overdraft Fee MDL Settlement

This is a settlement for the Capital One Credit Card Fraud Class Action Lawsuit Filed lawsuit.

- by

Los Angeles, CA: Capital One Bank NA has been ordered to pay in excess of $31.7 million to settle a multidistrict litigation (MDL) alleging several banks processed customer transactions in an order that would make the banks the most in overdraft fees.

The MDL settlement received preliminary approval Wednesday, and follows earlier settlement agreements made with several other banks named in the suits, which were filed in 2010.

A final approval hearing has been requested for May. The plaintiffs state that the agreement is "an outstanding result for the settlement class."If approved, it will see a cash payment amounting to roughly 35 percent of the most likely maximum recovery the settlement class could have recovered through a trial.

Class members who do not choose to opt out of the settlement will automatically receive pro-rated shares from the settlement fund.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form on the right.

Reader Comments

Posted by

on
I was charged over the limit fees etc as well

Add Your Comment on This Issue

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.

*Your Comment:
Request Legal Help