PNC Resolves Decade-Old RBC Bank Overdraft Suit for $7.5 Million

PNC Bank’s proposed $7.5 million settlement to resolve a decade-old proposed class action claiming that RBC Bank improperly assessed and collected overdraft fees has received final federal court approval.

The settlement provides “an extremely fair and reasonable recovery” in light of the bank’s defenses and a “challenging, unpredictable path of litigation,” Judge Lawrence King wrote for the U.S. District Court for the Southern District of Florida.

PNC inherited the litigation as a successor in interest following its acquisition of RBC Bank (USA) in 2012.

The lawsuit alleged that RBC’s method of posting debit card transactions from the highest to lowest ...