Court OKs $16.8M Settlement in First Tennessee Bank Class-Action Suit

Shelby County Circuit Court Judge Mary Wagner has approved an agreement to settle a class-action lawsuit against First Tennessee Bank related to overdraft fees that calls for the bank to put $16.8 million into a settlement fund.

The case was approaching the six-year mark when attorneys for both sides appeared in Circuit Court Thursday, April 20, for the final hearing to approve the settlement. Jeff Ostrow, a Florida-based attorney for the plaintiffs, said it had been “an incredibly hard-fought case,” with “an unbelievable opponent who fought us at every turn.”

That fight was over the way First Tennessee posted debit card transactions from the highest dollar amount to the lowest. The plaintiffs in the case argued that led to “an increased number of overdraft fees assessed to customers.”

First Tennessee maintains it did nothing wrong and followed applicable laws and regulations, although it has changed its practice of posting from high to low.

Read more: https://www.memphisdailynews.com/news/2017/apr/20/court-oks-168m-settlement-in-first-tennessee-class-action-suit/