Court to Notify Current and Former BancorpSouth Bank Customers About a Class
Action Settlement Involving Overdraft Fees
EL DORADO, Ark., April 3, 2012
EL DORADO, Ark., April 3, 2012 /PRNewswire/ -- A notification program began
today, as ordered by the United States District Court for the Western District
of Arkansas (the "Court"), to alert people who have or had a bank account with
BancorpSouth Bank ("BancorpSouth") about a proposed class action settlement.
The lawsuit alleges that BancorpSouth improperly assessed non-sufficient funds
fees and overdraft fees for insufficient funds on debit card and check
purchases and ATM withdrawals in a number of ways that were unlawful,
including by "re-sequencing" transactions in order to maximize the number of
non-sufficient funds fees and overdraft fees. BancorpSouth denies all of the
Plaintiffs' claims and says that it did nothing wrong.
The Settlement Class includes all persons in the United States who currently
have or in the past had a BancorpSouth account on which at least one
non-sufficient funds fee or overdraft fee was charged and collected between
May 1, 2004 through and including December 31, 2011. Each of these persons is
a Settlement Class Member. In order to receive a refund of one or more
overdraft fees, you must be a "Refund Eligible Class Member."
BancorpSouth will pay $1.75 million to a settlement fund and make certain
overdraft practice changes. Payments to Refund Eligible Class Members may be
up to three times the overdraft fees they paid in any continuous 45 day period
between May 1, 2004 through and including December 31, 2011. Settlement Class
Members may submit claims online at www.BancorpOverdraftSettlement.com or by
completing and mailing a claim form.
Notices will be sent to Settlement Class Members and are scheduled to appear
in selected local newspapers leading up to a hearing on July 30, 2012, when
the Court will consider whether to grant final approval to the settlement.
The Court has appointed Scott E. Poynter, Corey D. McGaha, Christopher D.
Jennings, William T. Crowder, Emerson Poynter LLP, Little Rock, Arkansas and
John G. Emerson, Emerson Poynter LLP, Houston, Texas as Class Counsel to
represent Settlement Class Members.
Those affected by this settlement can submit a claim for benefits, or they can
ask to be excluded from or object to, the settlement and its terms. The
deadline for exclusions and objections is July 9, 2012. Claim forms must be
postmarked by September 13, 2012.
A toll-free number, 1-877-841-8162, has been established in the case known
Melvin L. Thomas III and Billy D. Lawson, Jr., et al. v. BancorpSouth Bank and
BancorpSouth, Inc., Case No. 1:2012-cv-1016, along with a website,
www.BancorpOverdraftSettlement.com, where the notice, claim form and
settlement agreement may be obtained. Those affected may also write to
BancorpSouth Overdraft Settlement, PO Box 3207, Portland, OR 97208-3207.
SOURCE The United States District Court for the Western District of Arkansas
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