What is this lawsuit about?
The lawsuit that is being settled is entitled Holt v. The Cooperative Bank of Cape Cod. The case is a “class action.” That means that the “Named Plaintiff,” Donald Holt, is an individual who is acting on behalf of a group that includes all customers of Defendant who were charged an NSF fee on their accounts for a single payment submitted to Defendant for collection from June 4, 2014 through March 29, 2021, which request for collection initially was rejected for insufficient funds, but subsequently was re-presented to Defendant for collection on one or more additional occasions resulting in additional NSF and/or Overdraft Fees. The persons in this group are collectively called the “Class Members.”
The Named Plaintiff claims he was improperly charged NSF and/or Overdraft fees. Defendant does not deny that it assessed the Named Plaintiff NSF and/or Overdraft fees, but denies that its practices give rise to claims for damages by the Named Plaintiff or any Class Member. Defendant specifically maintains that it properly and lawfully assessed all fees in accordance with the terms of its agreements, disclosure, and applicable law.
How do I know if I am part of the Settlement?
The Settlement Class is defined as those customers of Defendant who were were charged Retry NSF/Overdraft Fees between June 4, 2014 and March 29, 2021. If you received a notice, then Defendant's records indicate that you are a Class Member who is entitled to receive a payment.
How much is the Settlement?
Defendant has agreed to create a Settlement Fund of $110,000.00. Attorneys' fees, litigation costs, and a service award to the Named Plaintiff will be paid out of this amount. The balance of the Settlement Fund will be divided among all Class Members proportionally. Additionally, as a result of this lawsuit, Defendant has implemented changes to its disclosures that clarify Defendant's NSF and Overdraft fee practices.