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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
06/30/201609:39:00U.S. Hot Stocks: Hot Stocks to Watch
06/30/201603:40:00Hong Kong Regulator Censures Bank of America
06/30/201603:04:00Fed Clears Most Big Banks for Dividends -- WSJ
06/29/201619:52:00Fed Stress Tests Clear 31 of 33 Big U.S. Banks for Capital Returns...
06/29/201617:59:00Fed Stress Tests Clear 31 of 33 Big U.S. Banks for Capital Returns...
06/29/201617:49:00Bank of America to Buy Back Up to $5 Billion in Stock, Boost...
06/29/201617:21:00Bank of America to Buy Back Up to $5 Billion in Stock, Boost...
06/29/201617:10:00Fed Clears 31 of 33 Big Banks for Capital Returns
06/29/201616:59:00Fed Approves Bank of America's Capital Plan
06/29/201616:42:40Current Report Filing (8-k)
06/29/201603:03:00Supreme Court Will Hear Appeal on ATM-Fees Case -- WSJ
06/28/201613:29:23Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/28/201613:08:00Supreme Court to Hear Case on ATM Fees -- 2nd Update
06/28/201611:30:00Supreme Court to Hear Case on ATM Fees
06/28/201611:17:00Supreme Court to Hear Case on ATM Fees -- Update
06/28/201610:57:09Annual Report of Employee Stock Plans (11-k)
06/28/201610:55:46Annual Report of Employee Stock Plans (11-k)
06/28/201610:43:00Supreme Court to Hear Case on ATM Fees
06/28/201603:02:00Bank Stocks Lead a Global Selloff -- WSJ
06/27/201616:16:56Statement of Changes in Beneficial Ownership (4)

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