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JPMorgan Chase nears overdraft fee settlement


JPMorgan Chase & Co. has filed a motion for a preliminary agreement to settle an overdraft fee class- action lawsuit brought in Miami federal court for $110 million, the South Florida Business Journal reported. The agreement still must be approved by U.S. District Judge James Lawrence King. He is reviewing a consolidated complaint involving dozens of banks that were accused of processing the largest transactions first, instead of recording them in chronological order, to maximum overdraft fees to depositors. JPMorgan Chase changed its debt card transaction process in March 2010 to work on chronological order. Bank of America agreed to a $410 million settlement in November. Wells Fargo & Co. is also a defendant in that case.

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