Outcome: $4,125,000.00 Settlement
Robinson v. First Hawaiian Bank, Case No.: 17-1-0167-01 in the Circuit Court of the First Circuit, State of Hawai’i
Overview:
Plaintiff Linda Robinson filed a class action lawsuit against First Hawaiian Bank (FHB), alleging that the bank charged improper overdraft fees on debit card transactions that were initially authorized on sufficient funds but later posted at times when accounts had insufficient funds.
Settlement Details:
- Settlement Reached: A settlement amount of $4,125,000 was agreed upon by the parties.
- Defeated Motion to Dismiss: The plaintiffs successfully defeated FHB’s Motion to Dismiss, advancing the litigation towards the settlement.
- Mediation Outcome: The settlement was the result of a mediated agreement between the parties involved.
- Compliance with Laws: Despite the settlement, FHB maintains that its practices were lawful and compliant with all applicable regulations.
Class Member Eligibility:
- Class Period: January 27, 2011, through March 13, 2019.
- Class Members: All current and former FHB customers who were charged overdraft fees for transactions that were authorized on sufficient funds.
Settlement Impact:
Compensation: Class members received a pro-rata payment or account credit from the settlement fund, reflective of the number of eligible Relevant Overdraft Fees paid.
Benefits to Plaintiffs and Industry Influence:
The settlement provided monetary redress to affected consumers who were charged overdraft fees under the conditions described in the lawsuit. Additionally, it serves as a reminder to financial institutions, emphasizing the need for banks to be transparent and fair in their fee practices.