On April 24, in the U.S. District Court for the Eastern District of Arkansas, a Memorandum of Law to support an unopposed motion for final approval of a class action settlement was filed to resolve all claims against the defendant bank in exchange for a cash payment of $4,500,000 that would benefit the class, and forgiveness of certain fees up to $682,000 owed by class members on accounts closed during the class period.
In this case, plaintiffs alleged the defendant bank’s “authorize positive, settle negative” practice in its deposit operations led to it imposing fees that both breached the deposit account contract and was misleading under the Arkansas Consumer Protection Act. The bank denied the plaintiff’s that the practice violated the contract and denied that the practice was disclosed in a misleading fashion.
The Memorandum concludes by requesting final approval of the settlement, certification of the settlement class, and approval of payment for administration fees and reimbursement of expenses related to the case.
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