New York, NY — On July 24, 2019, Judge Mark G. Mastroianni granted preliminary approval of a proposed $3 million settlement in Bond v. Berkshire Bank, et al. (3:16-cv-30050-MGM), a consumer class action. Plaintiff, Sandra Bond, alleged that she and all other similarly affected Berkshire Bank customers suffered monetary damage when Berkshire Bank improperly assessed overdraft fees on transactions that did not exceed the actual amount of money in customer accounts, but rather exceeded the "available balance" in those accounts as systematically calculated by Berkshire Bank's computer systems. Ms. Bond further alleged that this practice contravened Berkshire Bank's standardized agreements with customers and had been misleadingly and inaccurately described in the Bank's form disclosures circulated to account holders.
If the proposed settlement is approved, Berkshire Bank will be required to pay $3 million into a settlement fund to pay: (i) class members' claims; (ii) costs of settlement administration; (iii) court-approved attorneys' fees and costs; and (iv) a court-approved service award to Ms. Bond in recognition of her contribution in prosecuting the class action.
A hearing for final approval of the settlement is scheduled in the United States District Court of Massachusetts before Judge Mastroianni on February 21, 2020 at 2:00PM.
If you are a current or former customer of Berkshire Bank who incurred unauthorized overdraft fees on transaction that did not exceed the actual amount of money in your account and have any questions regarding the action or the settlement, please contact Lee S. Shalov, Esq. or Jason S. Giaimo, Esq. at McLaughlin & Stern, LLP (212-448-1100).
Lee S. Shalov is a partner and Jason S. Giaimo is an associate in the Litigation Department of McLaughlin & Stern, LLP, a full-service law firm founded in 1898. Mr. Shalov and Mr. Giaimo concentrates their practices in the areas of complex commercial litigation, civil litigation, and employment law, including prosecuting and defending wage and hour actions.