The hearing is scheduled for May 15, 2017 for final approval of an Oct. 2016 order granting preliminary approval of the $7.8 million settlement reached between class members and BOK Financial last fall.In March 2015, plaintiffs Corey Ratzlaff, Summer Ratzlaff and Curb Rash LLC filed a class action Ratzlaff et al v. BOKF, NA et al, Case No. CJ-2015-00859, Tulsa County District Court claiming that BOKF improperly assessed overdraft fees on debit card and check card purchases and/or ATM withdrawals by sequencing transactions in a high-to-low posting order, resulting in a higher number of overdraft fees.
The practice, known as "reordering," subtracts the highest transaction of two or more transactions, often resulting in the customer's drained bank account and a number of overdraft fees. Plaintiffs in the class action alleged that BOKF routinely processed debit transactions when the customers had insufficient funds.
READ MORE BOKF EXCESSIVE OVERDRAFT FEES LEGAL NEWS
In the preliminary settlement agreement, BOKF denied any wrongdoing, wishing to settle the litigation "to avoid any further expense and distraction from it."
Upon final approval, BOKF will pay $7.8 million to create a common fund to benefit the settlement class, which is comprised of all BOKF customers in the US who had one or more accounts and incurred an overdraft fee between September 1, 2011 and July 8, 2014 as a result of high-to-low debit card transaction sequencing.
The settlement was reached after mediation between the parties.
READER COMMENTS
Frank Shortridge
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Thank you. Frank Shortridge
Deana
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Kinney Dover
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Melissa Richardson
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Mary
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Mary
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Deana
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darrell dykes
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Deana
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Mary
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Thank you for your email.
On May 15, 2017 the Court issued Final Judgment and Order Granting Final Approval of Settlement. Both of these documents are now available on the settlement’s website, www.BOKFSettlementOverdraft.com for your convenience, if you wish to review them.
Please note that although the Court has granted final approval for this settlement, there is still a period of time in which either Class Council or Defendants can appeal the ruling. If appealed, it may take considerable time for any and all issues to be resolved between the parties and the court. As such, there is currently no timeline for when benefits for this settlement will be disbursed to class members. Upon the expiration of the time allowed for appeals, and resolution by the court of any appeals filed, the final approved Settlement will become effective (“Effective Date”), and a date for disbursement of settlement benefits will determined pursuant to the Settlement Agreement, as approved by the Court.
Regards,
Kiarr C.
Ratzlaff v. BOKF N.A Settlement Administrator
Teri
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darrell dykes
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Teresa Love
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