Court approves $410 million settlement in firm's case challenging bank's debit card overdraft fee charges
November 7, 2011 -- Following a full-day hearing in which he cited the "high-level of dedication, ability, talent and hard work" of the lawyers involved in the case, federal district court judge James Lawrence King, Jr. granted the parties' joint request for final approval of the $410 million proposed class settlement of claims by Bank of America customers over the bank's debit card overdraft fee practices. The settlement followed over two years of active class action litigation in the matter, multiple depositions of bank personnel, and the production by the bank and review by the firm (and other lawyers involved in the case) of millions of pages of documents and transaction data. In addition to payment directly to aggrieved customers' accounts -- without those customers' having to do anything to receive any money -- the bank ceased the practice of charging overdraft fees on debit card accounts for certain transactions, including point-of-sale purchases. Judge King's order and final judgment in the matter is pending, but is expected soon.