USAA Will Pay $62.4 Million to Settle Lawsuit for Overcharging Service Members & Veterans

USAA, the financial services company serving military personnel and their families, will pay $62.4 million to resolve a lawsuit claiming it overcharged service members and veterans on interest rates and fees.

A preliminary settlement of the proposed class action was filed on Friday night in the federal court in Elizabeth City, North Carolina, and requires approval by U.S. District Judge Terrence Boyle. USAA denied wrongdoing.

The lawsuit covers tens of thousands of service members with credit card and other loans at USAA Savings Bank and USAA Federal Savings Bank in various periods since May 4, 2009.

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