Welcome to CRWE Newswire News Update, Im Christina Collins —

Monday a federal judge approved a $410 million settlement in a class-action lawsuit affecting over 13 million Bank of America customers who had debit card overdrafts during the past 10 years — Senior U.S. District Judge James Lawrence King said the agreement was fair and reasonable — The agreement drew criticism from some customers as they would only receive a fraction of what they paid in overdraft fees — A lead attorney for the customer class said it is one of the largest settlements ever in a consumer case — The settlement became final a week after Charlotte, N.C.-based Bank of America backed off a plan to charge a $5 monthly fee for debit-card purchases —Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., also canceled trial tests of their own debit card fees — The settlement will leave 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 receive some payment — An attorney Barry Himmelstein, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent —

Thank you for joining me for and stay with us for all your latest in News for CRWENewswire Newsupate, I’m Christina Collins

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