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Published: Monday, 2/7/2011

Bank of America to pay settlement of $410M

CHARLOTTE — Bank of America has agreed to pay $410 million to settle a federal lawsuit alleging the bank charged excessive overdraft fees.

The suit is one of several filed against several banks from plaintiffs in 14 states, which were consolidated in a federal court in Florida. Other banks named in related suits include Wells Fargo and Citibank.

The nation's largest bank said it has reached a memorandum of understanding to settle the claims in the suit by paying $410 million.

The settlement is subject to court approval. Consumers alleged the bank processed the payments in a way that caused more overdrafts.



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