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Comerica Bank

Checking Overdraft Fee Class Action

Judge James Lawrence King of the Southern District of Florida entered final approval of an overdraft fee class action settlement in favor of Caddell & Chapman’s clients and a class of Comerica bank account holders in Simmons, et al. v. Comerica Bank, No. 10-cv-22958, part of the In re Checking Account Overdraft Litigation, MDL 2036, multidistrict class action proceeding. Plaintiffs alleged that Comerica had improperly re-sequenced customer debit transactions from highest to lowest (rather than posting the transactions chronologically in the order in which they occurred), resulting in multiple overdraft fees being charged to bank account holders. Caddell & Chapman, with its co-counsel, prevailed on a contested class certification motion before Judge King and defeated a subsequent Rule 23(f) interlocutory appeal to the Eleventh Circuit. The settlement created a $14.58 million common fund, which Judge King found was “an excellent result for the Settlement Class under the circumstances and challenges presented by the Action.” The Court also granted service awards of $10,000 each to the two class representatives, attorneys’ fees of $4.37 million, and $361,026.13 in expenses.

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