A federal judge on Monday gave final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.
Sounds pretty good right, things should of happened, bank making amends. Well, not exactly.
Barry Himmelstein, an attorney for customers who objected to the deal, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent.
So the bank wrongfully took your money, but to let bygones be bygones they’ll return less than a dime on every dollar they took.
Nice way to profit over wrongful conduct.