An $18 million settlement has been reached in a class action suit brought against the Bank of the West.
According to my sources, the litigation arose over questionable overdraft charges and eyebrow-raising posting procedures at the financial institution.
The suspect transactions allegedly unfolded between June 1st (2005) and July 1st (2012).
Bank of the West has denied that there was any wrongdoing (or illegal conduct) on their part.
The amount of individual settlements has not yet been determined. Officials have underscored that the amount of the pay-outs will depend on how many bank customers agree to sign-off and agree to the settlement terms.
Bank of the West will cover their own costs and fees (the $18 million dollar "victim" fund will not be touched).
Individuals who do not want to be included in the "settlement" must exclude themselves by writing a letter to the court with a special request that their names be withdrawn from the "Class Action Suit".
The Court will be holding a hearing on December 6th, 2012, to consider whether to approve the settlement and a request for attorney's fees of up to thirty percent of the settlement fund.
Objections must be lodged with the court by November 6, 2012.
Settlement Administrator
Rust Consulting, Inc.
P.O. Box 2812
Faribault, MIN
55021-8617
Re: Checking Account Overdraft Litigation 1:09-MD-02036-JLK
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