Bank of America Pays $410 Million to Settle Overdraft Lawsuit

The largest U.S. bank by assets is among the more than two dozen U.S., Canadian and European lenders named as defendants in the class-action litigation, which in 2009 consolidated lawsuits filed across the country.

In a November 2009 complaint filed with the Miami court, customers said Bank of America routinely processed debit transactions from largest to smallest rather than in chronological order, causing account balances to fall faster and boosting potential overdraft fees.

Ban of America is appealing the decision.