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BofA Settles Overdraft Lawsuit for $410 Million

New York, NY: A federal lawsuit alleging that Bank of America charged excessive overdraft fees looks likely to be settled. BofA, the largest bank in the US, reportedly states in a recent court filing that it has reached a memorandum of understanding to settle the claims in the suit by paying $410 million. The settlement is subject to court approval.

The suit is one of several filed against several banks from plaintiffs in 14 states, which were consolidated in a federal court in Florida. Other banks named in related suits include Wells Fargo and Citibank.

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Last updated on Feb-7-11