In Re: HSBC Bank USA, N.A. Debit Card Overdraft Fee Litigation, Case No. 2:13-md-02451-ADS-AKT (U.S. District Court for the Eastern District of New York); In re HSBC Bank U.S.A., N.S., Checking Account Overdraft Litigation, Case No. 650562/2011 (New York Supreme Court).
Cuneo Gilbert & LaDuca, LLP, and three other firms, were appointed as Co-Interim Lead Counsel for Plaintiffs challenging HSBC Bank USA, N.A.’s practices of reordering debit transactions from high-to-low and not processing transactions chronologically in order to increase the bank’s overdraft fee revenue by millions of dollars per year. Plaintiffs alleged that HSBC unlawfully concealed these procedural changes from customers.
After overcoming a motion to dismiss and conducting extensive discovery, plaintiffs’ counsel filed class certification papers in federal court on January 30, 2015. While that class certification motion was pending, HSBC reached a settlement with the parties to the parallel but previously dormant action in the New York state court. On February 10, 2016, the Federal Plaintiffs and all parties to the State Action reached a settlement agreement and a hearing on the Motion for Final Approval of the Proposed Class Action Settlement was held on April 6, 2016.