BBVA Compass Settles Overdraft Suit for $11.5 Million
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BBVA Compass agreed to pay $11.5 million to settle a lawsuit accusing the bank of improperly manipulating customers’ checking-account transactions to generate excess overdraft fees, according to a court filing.
U.S. Bank NA also reached a settlement, agreeing to pay $55 million, according to another filing today in federal court in Miami. Plaintiffs’ lawyers announced the U.S. Bank agreement yesterday. Neither bank admitted liability, and the agreements are subject to court approval.