As you are looking for Overdraft Settlement Agreement of Bank of America, so here I am providing Agreement:

Bank of America Overdraft Settlement Agreement:
This Settlement Agreement and Release (the “Agreement” or “Settlement”) is made by and among: (1) Plaintiff Sherry Bodnar, on behalf of herself and the Settlement Class (as defined below); and (2) Bank of America, N.A. (“Bank of America”) (collectively, the “Parties”). Bank of America, Class Counsel (defined below) and Plaintiff hereby agree that, in consideration of the promises and covenants set forth in this Agreement and upon entry by the Court (as defined below) of a Final Approval Order (as defined below), all claims of Plaintiff and the Settlement Class Members (as defined below) against Bank of America in the case styled Bodnar v. Bank of America, Case No. 2:14-cv-03224 (“Action”), shall be settled, compromised, and released upon the terms and conditions contained herein.

Recitals
1. On June 6, 2014, Plaintiff Sherry Bodnar filed a Class Action Complaint in the
United States District Court for the Eastern District of Pennsylvania seeking monetary damages, restitution and declaratory relief from Bank of America based on its alleged unfair and misleading assessment and collection of Overdraft Fees resulting from certain debit card transactions authorized when sufficient funds were available to cover the amount of authorization.

2. On August 1, 2014, Bank of America filed a Motion to Dismiss the Complaint.

3. On August 22, 2014 Plaintiff Bodnar filed her Response to the Motion to Dismiss. On September 5, 2014, Bank of America filed its Reply in support of its Motion to Dismiss.

4. On September 23, 2014, the Court conducted a lengthy oral argument on the Motion to Dismiss.

5. On October 15, 2014, the Court issued an order denying the Motion to Dismiss.

6. On November 24, 2014, Bank of America filed its Amended Answer and Affirmative Defenses to the Complaint.

7. Over the next nine months, the Parties vigorously litigated the case and engaged in extensive discovery efforts. Plaintiff requested, received, and reviewed over 50,000 pages of documents. Plaintiff deposed five separate Bank of America employees, and issued four third party subpoenas. Defendant deposed Plaintiff Bodnar.

8. On August 24, 2015 Plaintiff filed an Amended Complaint that included allegations based on the extensive information obtained through discovery.

9. On September 30, 2015, Bank of America filed a Motion to Dismiss the Second Amended Complaint.

10. Plaintiff was in the process of briefing its opposition to the Second Motion to Dismiss when the Parties reached an agreement in principle to resolve the Action.

11. Settlement discussions began in early 2015. At that time, Bank of America provided Plaintiff aggregate information regarding its revenue for Overdraft Fees on consumer deposit transactions authorized and approved when sufficient funds were available to cover the amount of authorization, as well as other information, including account disclosures used by Bank of America during a multi-year period of time.

12. On February 12, 2015, Class Counsel traveled to New York and met with counsel for
Bank of America to discuss discovery issues and to begin settlement discussions.

13. On March 16, 2015, the Parties attended a mediation session before the Honorable Carol Sandra Moore Wells of the Eastern District of Pennsylvania in Philadelphia, PA. The mediation did not result in an agreement to settle the action, although Judge Wells remained involved as the Parties continued settlement discussions.

14. On June 15, 2015, with Judge Wells’ permission, the Parties attended a second mediation with a nationally respected mediator, Hon. Layn Phillips (Ret.), at his office in California.
That mediation did not result in a settlement. However, for the next several months while the litigation advanced, Judge Phillips continued to facilitate discussions between the Parties, in an attempt to resolve the litigation.

15. In October, 2015, and after many months of on-and-off, arms-length, good faith discussions, the Parties reached an agreement on the material terms of a settlement and signed a Binding Term Sheet, which memorialized, subject to negotiation and execution of this Agreement and subject to Preliminary Approval and Final Approval by the Court as required by Rule 23 of the Federal Rules of Civil Procedure, the Parties’ good faith intention to fully, finally and forever resolve, discharge and release all rights and claims of Plaintiff and the Settlement Class Members (defined below) in exchange for Bank of America’s agreement to pay the sum of Twenty Seven Million Five Hundred Thousand Dollars ($27,500,000.00) to create a common fund for the benefit of the Settlement Class, as further detailed below.

Bank of America Overdraft Settlement Agreement:

Attached Files

Bank of America Overdraft Settlement Agreement.pdf (428.3 KB, 55 views)