Federal court approves $4 million bank overdraft fee settlement
March 4, 2015 – At a hearing conducted this morning, a federal district court in Miami granted final approval to a $4 million class-action settlement with M&T Bank. Firm partner Nick Carlin appeared as class counsel on behalf of the bank’s customers. The case, originally filed in 2009, involved the bank's practice of posting debit card charges in high to low order, rather than chronologically, in order to maximize overdraft fees charged to customers, a practice one court has described as an "accounting scam." An order confirming the court’s approval is pending. Beginning in 2009, the firm was instrumental in commencing and prosecuting cases resulting in almost $450 million in settlement proceeds for bank customers who were the victims of overdraft fee abuse, work cited by the Consumer Attorneys of California when it named Nick Carlin and David Given “Consumer Attorneys of the Year” finalists in 2012.
UPDATE – March 13, 2015 – The court entered its order and judgment today giving final approval to the settlement of this class action. In his order of final approval, the judge complimented the firm, finding that it “undertook a risky and undesirable case and, through diligence, perseverance, and skill, obtained an outstanding result. [It is] to be commended.”