Citizens Bank Settles Overdraft Fee MDL For $137.5 Million

CORAL GABLES, Fla. - Citizens Financial Group Inc., RBS Citizens N.A. and Citizens Bank of Pennsylvania (collectively, Citizens), in an April 25 joint notice of settlement filed in Florida federal court, have agreed to pay $137.5 million to settle a class action lawsuit in which it was accused of manipulating its customers' transactions to generate excess overdraft fee revenues (In Re: Checking Account Overdraft Litigation, No. 09-2036, S.D. Fla.).  Subscribers may view the joint notice of settlement available within the full update.

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