IN RE: CHECKING ACCOUNT OVERDRAFT LITIGATION, MDL No. 2036. THIS DOCUMENT RELATES TO: FIRST TRANCHE ACTIONS; Tornes, et al. v. Bank of America, N.A. S.D. Fla. Case No. 1:08-cv-23323-JLK; Yourke, et al. v. Bank of America, N.A. S.D. Fla. Case No. 1:09-cv-21963-JLK, N.D. Cal. Case No. 3:09-2186; Phillips, et al. v. Bank of America, N.A., S.D. Fla. Case No. 1:10-cv-24316-JLK, W.D. Okla. Case No. 5:10-cv-01185-R, 830 F. Supp. 2d 1330

Summary

In class action litigation concerning overdraft fees charged by defendant bank, the near unanimous approval of the proposed settlement by the class members was entitled to nearly dispositive weight in the evaluation of the proposed settlements, and the small number of objectors from a plaintiff class of many thousands was strong evidence of the settlement's fairness and reasonableness. Counsel was awarded a fee of 30 percent of the settlement in light of high settlement achieved despite the strong risk that the bank would prevail in the litigation.