$66.7 Million Settlement Reached Against Big Banks in ATM Fee-Fixing Class-Action Lawsuit
WASHINGTON - On Oct. 5, 2020, Hagens Berman attorneys asked a federal judge in Washington, D.C., to preliminarily approve a $66.74 million settlement in a class-action lawsuit against Bank of America, JPMorgan Chase and Wells Fargo concerning inflated ATM fees that the three banks charged consumers through longstanding price-fixing agreements with Visa and MasterCard.
If approved, the settlement would culminate the nine-year-old case that was initially dismissed in 2013, only to be revived on appeal in 2015.
In its initial 2011 complaint, consumers accused Visa and MasterCard of violating federal antitrust laws by establishing exclusive surcharge agreements with the trio of banks, preventing independent ATM operators from setting access fees below a certain level, causing ATM users to pay higher fees.
"Not only is this settlement a tremendous return for consumers, it also serves as a reminder that transparency and fairness are standards that cannot be skirted without a heavy penalty," said Steve Berman, managing partner and co-founder of Hagens Berman, who successfully argued the appeal before the D.C. Circuit.
Under the proposed settlement, Bank of America will pay $26,420,000, Wells Fargo will pay $20,820,000 and Chase will pay $19,500,000 for their involvement in the scheme.
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About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law firm with 10 offices globally. Hagens Berman UK LLP is headquartered in London. The firm’s tenacious drive for plaintiffs’ rights has earned it numerous national accolades, awards and titles of “Most Feared Plaintiff’s Firm,” and MVPs and Trailblazers of class-action law. More about the law firm and its successes can be found at www.hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.