Wells Fargo & Co. won its bid to throw out a judge’s order that it pay California customers $203 million for manipulating debit-card transactions to boost overdraft fees.
The decision, issued today by the U.S. Court of Appeals in San Francisco, reverses a lower-court order requiring Wells Fargo to cease its practice of charging overdraft fees based on its posting in high-to-low order customers’ debit-card transactions. The bank’s practice is a “federally authorized pricing decision,” the appeals court ruled.
