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$110M Settlement Agreed in JP Morgan Chase Overdraft Fees Lawsuit

Miami, F: JP Morgan Chase & Co. has tentatively agreed to pay $110 million to settle an overdraft fees class-action lawsuit filed by customers who allege the bank charged excessive checking overdraft fees.

Specifically, the lawsuit claimed that JP Morgan Chase processed its debit card transactions unfairly so it could maximize the overdraft fees customers paid, which, according to the lawsuit, was typically between $25 and $35 per overdraft. The lawsuit remains to be approved in court, and details of the settlement terms have readily available yet.

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Last updated on Feb-7-12