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Frequently Asked Questions

  1. What is this lawsuit about?

    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 acknowledges that it assessed overdraft fees on these types of transactions in some instances but maintains that the account agreement permitted it to do so and denies any liability. The Court has not decided who is right.

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  2. What is a class action?

    In a class action lawsuit, one or more persons called plaintiffs sue on behalf of other persons that have similar legal claims. The people are a “class” or “settlement class members.” In this lawsuit, the person who sued is called the “Plaintiff.” The company and people they are suing, Popular Bank, is called the “Defendant.” One court resolves the issues for everyone in the class, except for those people who choose to exclude themselves (opt out) from the class.

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  3. Why is there a Settlement?

    The Court has not decided in favor of the Plaintiff or the Defendant. Instead, both sides agreed to a Settlement to avoid the cost and risk of a trial. The Plaintiff and Class Counsel believe the Settlement is best for the Settlement Class and represents a fair, reasonable, and adequate resolution of the lawsuit.

    The Defendant denies the legal claims in the lawsuit; denies all allegations of wrongdoing, fault, liability or damage to the Plaintiff and the Settlement Class; and denies they acted improperly or wrongfully in any way. The Defendant nevertheless recognizes the expense and time that would be required to defend the lawsuit through trial and has taken this into account in agreeing to the Settlement.

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  4. Am I part of the Settlement?

    The Settlement Class includes all Accountholders of Popular Bank consumer checking accounts who during the Class Period (May 13, 2016, to July 26, 2024) were assessed, and not refunded, an overdraft fee in connection with: (1) a debit card or other ATM transaction on their account on or before April 15, 2020 (regardless of whether the authorization was against positive funds); and/or (2) a debit card or other ATM transaction that was authorized against positive funds on or after April 16, 2020. If you were a member of the settlement class in the Valle v. Popular Community Bank, Index No. 653936/2012 (N.Y. Sup. Ct.) lawsuit, then overdraft fees which you were assessed on or before August 6, 2018, are not included in these two categories of overdraft fees.

    The formal definition of the Settlement Class is as follows.

    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:

    1. a debit card or other ATM transaction on their account that was the subject of an authorization made on or before April 15, 2020; and/or
    2. a debit card or other ATM transaction that was authorized against positive funds on or after April 16, 2020.

    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.

    You are excluded from being a Settlement Class Member if you are (a) the Defendant, its parents, subsidiaries, affiliates, officers, and directors; (b) all Settlement Class members who make a timely election to opt out; and (c) all judges assigned to this litigation and their immediate family members.

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  5. What if I am still not sure whether I am part of the Settlement?

    If you are still not sure whether you are a Settlement Class Member, you may call 1-877-701-2656.

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  6. What does the Settlement provide?

    A $1,500,000 Settlement Fund will be established and will be used to pay for: (1) Settlement Administration Costs; (2) the Service Award to the Class Representative; and (3) the attorneys’ Fee and Cost Award. The amount remaining after these items are paid, if any, is the “Net Settlement Fund.” The Net Settlement Fund will then be used to make automatic Settlement Class Member Payments (an account credit or payment by check) to all Settlement Class Members who do not request exclusion from the Settlement Class.

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  7. How will the amount of the cash payments be determined?

    Payments to each Settlement Class Member will be distributed on a pro rata (equal) basis and calculated as follows:

    (Net Settlement Fund divided by the Total Dollar Amount of Class Fees of Settlement Class Members) x (Total Dollar Amount of Class Fees [meaning overdraft fees covered by the Settlement that were assessed to your Account and not refunded] you as an individual Settlement Class Member were charged and paid in connection with the transactions at issue) = Settlement Class Member Payment.

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  8. Do I have to file a claim to receive a cash payment?

    No. If the Settlement is approved, a cash payment will be made automatically to you as a Settlement Class Member, unless you request exclusion from the Settlement Class. Current Accountholders with Popular Bank at the time cash payments are made will be automatically credited the cash payment with a deposit to their account. Past Accountholders will automatically be sent a check for their cash payment. You do not need to file a claim to receive a cash payment.

    For a jointly held Account of one or more Current Accountholders, payment will be deposited into an account of the primary Accountholder, whether or not such account is jointly held. For a jointly held Account of a Past Accountholder, payment will be made by sending a check that will be payable to the primary Accountholder named on the Account and mailed to the last known address for the primary Accountholder.

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  9. When will I receive my cash payment?

    The Court granted final approval on January 7, 2025, during the Final Approval Hearing. The disbursement of payments is expected to occur by April 2025. Please be patient and check this website for updates.

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  10. What am I giving up to receive a cash payment from the Settlement?

    Unless you exclude yourself (“opt out”) from being a Settlement Class Member by timely submitting a request for exclusion, you will remain a Settlement Class Member. This means as a Settlement Class Member you cannot sue, continue to sue or be part of any other lawsuit against the Released Parties about the legal issues in this lawsuit. It also means the Court’s orders and any judgments will apply to you and legally bind you and that you will release the legal claims detailed in the Settlement Agreement. The Release is provided in the Settlement Agreement in Section 13 in necessary legal terminology. The Settlement Agreement is available here.

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  11. Do I have lawyers in this case?

    Yes, the Court has appointed lawyers Jeffrey Kaliel of KalielGold PLLC and Michael R. Reese of Reese LLP to represent you and the other Settlement Class Members. The lawyers are called Class Counsel. They are experienced in handling class action lawsuits. You will not be charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense, but you do not need to.

    Class Counsel
    Jeffrey Kaliel
    KALIELGOLD PLLC
    1100 15th Street NW
    4th Floor
    Washington, D.C. 20005
    Michael R. Reese
    REESE LLP
    100 West 93rd Street
    16th Floor
    New York, NY 10025
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  12. How will the lawyers be paid?

    Class Counsel will request an Attorneys’ Fee of one-third of the Settlement Fund and separately seek reimbursement of costs and expenses. In addition, Class Counsel will request the Court approve a Service Award for the Class Representative (Frankie Lipsett) up to $10,000 for their efforts in pursuing this lawsuit. If awarded by the Court, the attorneys’ Fee and Cost Award and the Service Award will be paid from the Settlement Fund. The Court may award less than these amounts for the attorneys’ Fee and Cost Award and Service Award.

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  13. How do I exclude myself from the Settlement Class?

    The deadline date to exclude yourself from the Settlement has passed.

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  14. How do I object to the Settlement?

    The deadline date to object to the Settlement has passed.

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  15. What is the difference between objecting and asking to be excluded?

    The deadline date to exclude yourself from or object to the Settlement has passed.

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  16. When and where will the Court decide whether to approve the Settlement?

    The Court granted final approval on January 7, 2025, during the Final Approval Hearing. The disbursement of payments is expected to occur by April 2025. Please be patient. This website will be updated to provide Settlement Class Members with updated information.

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  17. Am I required to attend the Final Approval Hearing?

    The Court granted final approval on January 7, 2025, during the Final Approval Hearing. The disbursement of payments is expected to occur by April 2025. Please be patient. This website will be updated to provide Settlement Class Members with updated information.

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  18. May I speak at the Final Approval Hearing?

    The Court granted final approval on January 7, 2025, during the Final Approval Hearing. The disbursement of payments is expected to occur by April 2025. Please be patient.

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  19. What happens if I do nothing at all?

    If you are a Settlement Class Member and you do nothing, you will automatically receive a cash payment if the Court finally approves the Settlement. You will give up your rights as explained in the “Excluding Yourself from the Settlement” section of the Notice, including your right to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Released Parties about the legal claims that are released by the Settlement Agreement. You will be bound by the Settlement and any judgments.

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