A class action lawsuit against a Wisconsin bank claiming that it charged excessive overdraft fees has been settled for $13 million. The lawsuit was against Associated Banc-Corp of Green Bay, Wisconsin and alleged that it posted debit charges in a way that wrongly increased the likelihood that the accountholder would get an overdraft fee. There a number of similar suits pending against Bank of America, JP Morgan Chase and Wells Fargo. The result of these lawsuits will be that consumers will get back the monies that the banks wrongfully took from them.
Source: Bloomberg News