How Much Is Morris vs Bank of America Settlement?
In a landmark legal case, Morris vs Bank of America, a class-action lawsuit was filed against the banking giant Bank of America for alleged unfair and deceptive practices related to its overdraft fees. The case, which was initially filed in 2009, involved millions of customers who claimed that Bank of America charged excessive fees for overdrafts and manipulated the order of transactions to maximize these fees. After years of litigation, a settlement was reached, but how much is the settlement? Here is everything you need to know.
The settlement amount in Morris vs Bank of America is a staggering $410 million. This is one of the largest settlements ever reached in a consumer banking case and reflects the significant impact of Bank of America’s practices on its customers.
Distribution of Funds:
The settlement funds will primarily be used to compensate affected customers who were subject to the alleged unfair and deceptive practices. The exact distribution method is still being determined, but it is expected that eligible customers will receive a portion of the settlement based on the fees they were charged.
1. Who is eligible to receive compensation from the settlement?
Customers who were charged overdraft fees by Bank of America between January 1, 2001, and May 24, 2011, may be eligible to receive compensation.
2. How will eligible customers be notified about the settlement?
Bank of America will provide notification to eligible customers via mail or email. Customers can also visit the settlement website for more information.
3. How much can eligible customers expect to receive?
The exact amount each customer will receive is yet to be determined as it will depend on the total number of eligible claimants and the fees they were charged. However, it is estimated that individual payouts may range from a few dollars to several hundred dollars.
4. Is there a deadline to file a claim?
Yes, eligible customers must file a claim within a specified deadline, which will be outlined in the notification they receive from Bank of America.
5. What if I no longer have an account with Bank of America?
Customers who no longer have an account with Bank of America may still be eligible to receive compensation. It is advised to file a claim and provide the necessary information to verify eligibility.
6. Will filing a claim affect my relationship with Bank of America?
Filing a claim will not affect your current or future relationship with Bank of America. It is a separate process solely related to the settlement.
7. Can I opt-out of the settlement?
Yes, eligible customers have the option to exclude themselves from the settlement if they wish to pursue their own legal action against Bank of America.
8. When will the settlement funds be distributed?
The distribution of settlement funds is expected to occur after all claims have been processed and approved. The exact timeline for distribution is still being determined.
9. Can I still participate in the settlement if I previously received a refund from Bank of America for overdraft fees?
Yes, customers who previously received a refund from Bank of America for overdraft fees may still be eligible to participate in the settlement. However, the refunds received will be deducted from the settlement amount they may be entitled to.
In conclusion, the Morris vs Bank of America settlement is a significant development in holding banks accountable for their practices. With a settlement amount of $410 million, eligible customers have the opportunity to receive compensation for the alleged unfair and deceptive practices related to overdraft fees. If you believe you are eligible, it is crucial to stay informed and file a claim within the specified deadline to secure your potential payout.