Citizens Bank Will Pay $137.Million to Settle Lawsuit
April 26th, 2012 | 
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Citizens Bank, one of the largest banks in the United States, agreed to pay $137.5 million to settle the lawsuit, which was filed in the Federal District Court in Miami.
The lawsuit, part of multidistrict litigation involving more than 30 different banks, accused the bank of manipulating its customers’ debt card and ATM transactions in order to generate excess overdraft fee revenues, according to sources.
Citizens joins Bank of America Corp, JPMorgan Chase & Co and several smaller lenders in settling litigation over the fees.
Capital One Financial Corp, Citigroup Inc., PNC Financial Services Group Inc., US Bancorp and Wells Fargo & Co are among large banks that have not settled.
Citizens Bank is a part of Citizens Financial Group Inc., the Providence-based financial services company owned by the Royal Bank of Scotland Group. It operates more than 1,500 retail banking branches throughout the Northeast, the mid-Atlantic and the Midwest.
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