U.S. District Judge William Alsup today ordered Wells Fargo to pay back an estimated $203 million in a class action that alleged the bank processed debit card overdrafts so as to maximize fees and squeeze more revenue from customers.

In a 90-page order ( .pdf ) filed today following a bench trial last spring, Alsup slammed the bank for a “bookkeeping device” it used to multiply overdrafts.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]