NOVEMBER 2021. For the first time in firm history, Tycko & Zavareei LLP received final approval on two financial services class action settlements in the same day and also won a contested class certification in another case the following day.
In Jette v. Bank of America, N.A., Bank of America settled allegations that it wrongfully steered its customers into its highest-interest credit card payment option for almost $6 million. The settlement represents about 54% of the interest consumers overpaid. The suit arose from Bank of America’s credit card payment options between June 2014 and March 2021, offering customers the options of “amount due,” “minimum amount due,” “fixed amount,” and “account balance.” As customers’ credit card agreements stated, paying the entire balance due would not result in the cardholder accruing interest. Cardholders who chose the “amount due” option during this timeframe ended up only paying the minimum amount due, resulting in unanticipated interest charges.
In Wallace v. Wells Fargo, Tycko & Zavareei LLP and class counsel obtained a $10 million settlement for affected Wells Fargo customers. According to the complaint, Wells Fargo charged overdraft fees for non-recurring transactions—specifically for Uber and Lyft rides—to their customers who opted out of the debit card overdraft service.
Following on these wins for consumers, important progress in the cash bail case Webb v. City of Maplewood arrived on November 18th in the form of the Court granting class certification. The case challenges the City of Maplewood, Missouri’s longstanding practice of arresting and jailing citizens for failure to pay municipal bonds and fines without inquiring into their ability to pay. The three classes approved will allow individuals to seek monetary damages for unlawful fines and time spent unconstitutionally jailed.
The firm is proud of the work its attorneys do to challenge unlawful financial practices and civil rights abuses perpetrated by corporations and local governments.