Checking Account Overdraft Litigation
PE&G was appointed co-team leader in federal multidistrict litigation on behalf of consumers against most major US banks for manipulating the processing of customer debit card purchases to maximize overdraft fees. Instead of posting each transaction chronologically, the banks deducted the largest charges first, drawing down balances more rapidly and triggering overdraft fees. PE&G attorneys David Given and Nick Carlin initiated and helped lead the case against Bank of America, which settled for $410 million, and were also class counsel in the case against Bank of the West which settled for $35 million. PE&G was also class counsel in the case against M&T Bank, which agreed to settle claims for $4 million. Nick and David were recently honored to be named finalists for 2012 Consumer Attorney of the Year by the Consumer Attorneys of California (CAOC) for their work on the Bank of America case.