Sterling Financial (STSA) in Spokane, Wash., said that two lawsuits filed over its bank's overdraft fees have been dismissed.
The suits, one filed in Washington state court and the other in Oregon federal court, claimed that Sterling Savings Bank improperly manipulated the order that debit card transactions were posted to generate a greater number of overdraft fees, the $9.6 billion-asset Sterling said. Plaintiffs sought class-action status to represent checking account customers of Sterling Savings in Washington, Oregon, California, Idaho and Montana.
The plaintiffs voluntarily dismissed their claims without any payments by Sterling, the company said Tuesday.
Dozens of banks have faced claims over wrongfully reordering debit card transactions to maximize overdraft fees charged to retail customers. Many of those cases are being handled as part of a multi-jurisdiction litigation in a U.S. district court in Florida. So far more than a dozen banks have already settled or are seeking court approval of settlement proposals.
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