BMO Harris Bank to Pay $9.4 Million to Settle Overdraft Suit
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Bank of Montreal’s BMO Harris Bank agreed to pay $9.4 million to settle a lawsuit that accused the Chicago lender of illegally charging excessive overdraft fees, according to court papers.
The settlement reached Nov. 30 ends the bank’s role in the litigation, according to a filing yesterday in federal court in Miami. Overdraft suits filed across the U.S. have been consolidated in that court for pretrial proceedings.