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PNC to Settle ATM Overdraft Case for $90 Million

--Court documents: PNC agrees to settle overdraft case for $90 million --Bank is latest to settle litigation over controversial practice --No liability admitted By Christian Berthelsen Pittsburgh-based PNC Bank has reached an agreement to settle a class-action lawsuit for $90 million alleging it overcharged customers on overdraft fees by re-sequencing debit transactions, court records show. PNC won't admit liability as part of the settlement with plaintiffs in the lawsuit, according to court documents in the Miami federal-court case that were filed Tuesday. A finalized settlement agreement is to be filed with the court in the next 45 days. The agreement follows settlements of similar cases by major banks, including Bank of America (BAC) and J.P. Morgan Chase & Co. (JPM). The tactic, common among banks during the latter half of the 2000s, rearranged the order of transactions in customer accounts by placing the largest transactions first rather than chronologically, creating over-drawn conditions for later transactions and generating multiple overdraft fees. The practice outraged bank customers and consumer advocates, who railed against what they termed $38 cups of coffee. Many banks have eliminated the practice. Fred Solomon, a spokesman for PNC, didn't immediately return a telephone call seeking comment. PNC Bank is a unit of PNC Financial Services Group Inc. (PNC). --Andrew R. Johnson contributed to this article. Write to Christian Berthelsen at christian.berthelsen@dowjones.com.

Stock News for Bank of America (BAC)
DateTimeHeadline
07/23/201603:03:00Consumer Bet Gets Riskier -- WSJ
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07/21/201619:30:00Goldman Sachs Raising Private-Equity Fund of $5 Billion to $8...
07/21/201614:00:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
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07/20/201617:28:00バンク・オブ・アメリカ、2016年第2四半期業績を発表
07/20/201614:03:52Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
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07/19/201616:23:56Statement of Changes in Beneficial Ownership (4)
07/19/201603:02:00BofA Targets Lower Costs -- WSJ
07/18/201618:11:00Bank of America Plans More Cost Cuts as Earnings Slide -- 7th...
07/18/201616:14:00Bank of America's Results Beat Estimates on Pickup in Bond Trading...
07/18/201613:25:00Correction to Bank of America Earnings Story
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07/18/201612:01:00Uncertainty Pinches BofA's Wealth Arm
07/18/201610:36:00Bank of America veröffentlicht Finanzergebnis für das zweite Q...
07/18/201610:34:00Bank of America déclare ses résultats financiers pour le deuxième tr...
07/18/201609:47:00Bank of America's Results Beat Estimates as Bond Trading Surges...
07/18/201608:13:00Bank of America's Results Beat Estimates as Bond Trading Surges...

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