Why did the parties settle. In any lawsuit, there are risks and potential benefits that come with a trial versus settling at an earlier stage. It is the Class Representative’s and his lawyers’ job to identify when a proposed settlement offer is good enough that it justifies recommending settling the case instead of continuing to trial. In a class action, the Class Representative’s lawyers, known as Class Counsel, make this recommendation to the Class Representative. The Class Representative has the duty to act in the best interests of the class as a whole and, in this case, it is their belief, as well as in Class Counsels’ opinion, that this settlement is in the best interest of all Settlement Class members. There is legal uncertainty about whether a judge or a jury will find that Defendant was contractually and otherwise legally obligated not to assess the Overdraft Fees (a/k/a Courtesy Pay Fees) at issue. And even if it was contractually wrong to assess these fees, there is uncertainty about whether the Class Representative’s claims are subject to other defenses that might result in no or less recovery to Settlement Class members. Even if the Class Representative were to win at trial, there is no assurance that the Settlement Class Members would be awarded more than the current settlement amount and it may take years of litigation before any payments would be made. By settling, the Settlement Class members will avoid these and other risks and the delays associated with continued litigation. While Defendant disputes the allegations in the lawsuit and denies any liability or wrongdoing, it enters into the Settlement solely to avoid the expense, inconvenience, and distraction of further proceedings in the litigation. WHO IS IN THE SETTLEMENT
Why did the parties settle. In any lawsuit, there are risks and potential benefits that come with a trial versus settling at an earlier stage. It is Plaintiff’s lawyers’ job to identify when a proposed settlement is good enough that it justifies recommending settling the case instead of continuing to trial. In a class action, these lawyers, known as Class Counsel, make this recommendation to Plaintiff. Plaintiff has the duty to act in the best interests of the class as a whole and, in this case, it is her belief, as well as Class Counsel’s opinion, that this settlement is in the best interest of all Class Members for at least the following reasons: There is legal uncertainty about whether a judge or a jury will find that Defendant breached its agreements with customers or otherwise acted improperly by assessing the overdraft and NSF fees that are the subject of this case. There is also uncertainty about whether Plaintiff’s claims are subject to other defenses that might result in no or less recovery to Class Members. In addition, there is uncertainty about whether the Court would determine that adversarial class certification is proper. Even if Plaintiff were to win at trial, there is no assurance that the Class Members would be awarded more than the current settlement amount, and it may take years of litigation before any payments would be made. By settling, the Class Members will avoid these and other risks and the delays associated with continued litigation. While Defendant disputes Plaintiff’s claims, it has agreed to settle to avoid the costs, distractions and risks of litigation.
