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Bank of America $410 Million Overdraft Fee Accord Approved

Bank of America Corp., the largest U.S. lender by assets, won preliminary court approval for a $410 million settlement with consumers who claimed the bank illegally charged excessive overdraft fees.

U.S. District Judge James Lawrence King in Miami today tentatively approved the accord between about 1 million account holders and the bank, according to minutes from a hearing posted on the court’s website. A final approval hearing is set for November. The judge will award plaintiff attorneys’ fees from the $410 million fund, said one of the lead lawyers for the consumers, Jeremy Alters.