Big Law

$24.5M Settlement In Credit Union Excessive Fees Lawsuit

Navy Federal Credit Union has agreed to settle a class action excessive overdraft fee lawsuit for $24.5 million. Plaintiffs’ lawyers will reportedly seek fees of $6.1 million, approximately 25 percent of the total settlement amount. The settlement marks the end of a lawsuit filed in June 2017. Banks and credit unions became more aggressive about marketing overdraft “protection” once they spotted checking overdraft fees an important source of revenue. It is an area still far less regulated than the payday lending industry. In terms of high cost for very small, short-term loans, however, they are roughly comparable. Savvy banking customers are catching on, though.

Read the source article at lawyersandsettlements.com

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