The California Supreme Court ruled Monday that Bank of America Corp. does not have to pay a verdict worth as much as $1.6 billion in a customer lawsuit claiming the company illegally took overdraft fees out of Social Security direct deposits.

The state high court upheld a 2006 appeals court ruling that reversed a 2004 verdict against the Charlotte company.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.