German American Bank settles lawsuit over overdraft fees
Jasper-based German American Bancorp (Nasdaq: GABC) has agreed to settle a class action lawsuit that alleged the bank overcharged customers for overdraft fees. The bank has agreed to pay more than $3 million to the plaintiffs, though it denies any wrongdoing.
The lawsuit was originally filed in July 2020 claiming German American charged overdraft fees even when customers had a sufficient balance in their bank accounts.
“Defendant does not in any way acknowledge, admit to, or concede any of the allegations made in the Amended Complaint, and expressly disclaims and denies any fault or liability, or any charges of wrongdoing that have been or could have been asserted in the Amended Complaint,” the settlement said.
Our partners at WEHT-TV obtained the settlement agreement, which says anyone who may have overpaid overdraft fees may be entitled to a cash payment through the settlement.
There will be a deadline to make a claim, though the settlement document did not specify the date.
You can view the settlement agreement by clicking here.