Coverage For Settlement Of Debit-Card Fees Suit At Issue In 8th Circuit

Mealey's (December 16, 2015, 1:08 PM EST) -- ST. LOUIS — Parties recently briefed the Eighth Circuit U.S. Court of Appeals over whether settlement of overdraft fee litigation fell under a professional policy insurance clause (U.S. Bank National Association; U.S. Bancorp. v. Indian Harbor Insurance Co., ACA American Insurance Co., No. 15-1691, 8th Cir.).

Customers filed suit against various banks that they claimed deliberately posted debit card transactions in highest-to-lowest order in an effort to create overdrafts and the resulting fees. The plaintiffs claimed the banks misrepresented its overdraft policies, failed to allow customers...
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