$393 million preliminary settlement reached with Bank of America on behalf of consumers

On May 13, 2021, Hausfeld, alongside co-lead counsel The Van Winkle Law Firm, and Kaliel Gold, filed a $393 preliminary settlement in the Morris v. Bank of America litigation.

Hausfeld and co-lead counsel represent the proposed class of account holders who were improperly charged overdraft and other fees. The settlement includes a $75 million cash fund and $318 million in future business practice changes.

In addition to charging multiple overdraft and insufficient funds fees on the same transaction, Bank of America was able to charge more of these fees by allowing intrabank transfers to go through that leave customers overdrawn. The bank also prematurely debited overdraft and insufficient funds fees from empty accounts, instead of waiting for customers to put more money in their accounts first, according to the suit.

The settlement is pending approval by the Court.  A hearing has not yet been set.

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