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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
02/12/201618:51:55Statement of Changes in Beneficial Ownership (4)
02/12/201618:50:54Statement of Changes in Beneficial Ownership (4)
02/12/201618:49:03Statement of Changes in Beneficial Ownership (4)
02/12/201618:47:50Statement of Changes in Beneficial Ownership (4)
02/12/201618:46:06Statement of Changes in Beneficial Ownership (4)
02/12/201618:44:47Statement of Changes in Beneficial Ownership (4)
02/12/201618:43:18Statement of Changes in Beneficial Ownership (4)
02/12/201618:41:55Statement of Changes in Beneficial Ownership (4)
02/12/201618:40:22Statement of Changes in Beneficial Ownership (4)
02/12/201618:38:52Statement of Changes in Beneficial Ownership (4)
02/12/201618:35:00Bank of America CEO Brian Moynihan Gets $3 Million Pay Raise...
02/12/201618:10:00Bank of America CEO Brian Moynihan Gets $3 Million Pay Raise
02/12/201618:00:00Bank of America CEO Brian Moynihan Gets $3 Million Pay Raise
02/12/201609:49:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/12/201609:47:23Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/11/201620:10:00Lawmakers Pepper Yellen With Financial Regulation Questions
02/11/201618:24:00J.P. Morgan CEO Buys 500,000 of Bank's Shares -- Update
02/10/201610:18:05Amended Statement of Ownership (sc 13g/a)
02/10/201604:21:0088 Energy Shares Surge After Reducing Icewine Project Risk
02/09/201617:07:37Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)

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