Lipsett v. Popular Bank, Case No. 1:22-CV-03901-MMG
If you have or had a consumer checking account with Popular Bank and you were charged an overdraft fee on certain debit card or ATM transactions on or after May 13, 2016, you may be eligible for a cash payment from a class action Settlement.
A $1.5 million settlement has been reached in a class action lawsuit filed against Popular Bank (“Defendant”). The Plaintiff filed this lawsuit against the Defendant alleging a breach of contract when the Defendant assessed overdraft fees on what are sometimes called “Authorize Positive, Settle Negative Transactions” (“APSN Transactions”). This is where a bank assesses an overdraft fee on a transaction that overdraws the account when it clears, although the transaction was previously authorized against sufficient available funds. The Defendant denies these legal claims. The Court has not decided who is right.
You are a “Settlement Class Member” if you come under the following Settlement Class definition:
All holders of Popular Bank consumer checking accounts who during the Class Period were assessed and not refunded an overdraft (“OD”) fee in connection with:
Provided, however, that OD Fees assessed on or before August 6, 2018, against members of the settlement class in Valle v. Popular Community Bank, Index No. 653936/2012 (N.Y. Sup. Ct.), are not included in these two categories of OD Fees.
If you are a Settlement Class Member, you do not need to do anything to receive your cash payment. If the Settlement receives final approval from the Court, you will get your payment automatically. Current Accountholders will receive an account credit. Past Accountholders will receive a check.