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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
08/26/201616:58:14Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/26/201613:44:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/26/201612:04:49Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
08/25/201617:21:41Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/24/201612:04:00PharMerica Exploring Strategic Alternatives, Including Sale -Reuters
08/23/201616:54:35Securities Registration Statement (simplified Form) (s-3)
08/23/201606:05:01Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
08/23/201603:02:00U.S. Loses Appeal of Decision on BofA Fine -- WSJ
08/22/201617:42:00U.S. Loses Appeal of Decision Tossing Bank of America Fine...
08/22/201617:33:00U.S. Loses Appeal of Decision Tossing Bank of America Fine...
08/22/201616:50:00Government Loses Appeal of Decision Tossing Bank of America Fine
08/22/201616:39:00Court Denies Government's Request to Reconsider Tossing Bank...
08/22/201612:43:35Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/22/201610:24:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/20/201613:35:00BofA Equity Capital Markets' Deignan to Depart for Lazard --Update
08/20/201613:07:00BofA Equity Capital Markets Co-head Deignan to Depart for Lazard
08/19/201609:33:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/18/201610:58:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/18/201603:02:00MoneyBeat: BofA Investors Covet an Activist -- WSJ
08/17/201616:08:16Statement of Changes in Beneficial Ownership (4)

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