- WHY DID I RECEIVE A SECOND (PHASE II DISTRIBUTION) SETTLEMENT AWARD?
Settlement Class Counsel and Bank of Oklahoma Counsel jointly agreed to perform a secondary, Phase II, distribution, on a pro rata basis, to exhaust the remaining monies in the Settlement Fund. To be eligible to receive a Phase II check you must have: (a) received a settlement payment from the initial distribution in November, 2012; (b) negotiated the settlement payment from the initial distribution; and (c) your Phase II award must total $5.00 or more. If you received a Phase II check, you were determined to have met the aforementioned criteria. The check you received constitutes full satisfaction of your settlement award in accordance with the Order Approving Phase II Distribution of Settlement Funds to Identifiable Settlement Class Members.
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- WHY DIDN’T I RECEIVE A SECOND SETTLEMENT AWARD?
Settlement Class Counsel and Bank of Oklahoma Counsel jointly agreed to perform the Phase II distribution, on a pro rata basis, to exhaust the remaining monies in the Settlement Fund. If you did not receive a Phase II check, you did not meet the following eligibility criteria. Pursuant to the Order , to be eligible to receive a Phase II check, you must have: (a) received a settlement payment from the initial distribution in November 2012; (b) negotiated the settlement payment from the initial distribution; and (c) your Phase II award must total $5.00 or more.
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- HOW CAN I RECEIVE A NEW CHECK IF I LOST MINE?
If you have lost the Phase II check, you may request that a replacement check be issued and mailed to you. To request a replacement check, you must submit a signed written request asking that a replacement check be reissued and mailed to you. Please address your replacement check request to:
BOKF, N.A. Overdraft Litigation
Settlement Administrator
PO Box 4087
Portland, OR 97208-4087
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- HOW CAN I HAVE A CHECK REISSUED UNDER A NEW NAME (e.g. LAST NAME CHANGE)?
First, please go to your financial institution in which you are a current account holder as they may cash the check if the documentation regarding the status of your name change is presented.
If your bank will not cash or deposit your check, please return the original check, accompanied by a signed written request asking that a replacement check be reissued and mailed to you. Please include instructions for the name that should be included on the replacement check. You do not need to provide documentation for the name change. Please address your replacement check request to:
BOKF, N.A. Overdraft Litigation
Settlement Administrator
PO Box 4087
Portland, OR 97208-4087
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- WHEN WILL MY CHECK BE REISSUED?
The check will be reissued within 3 to 4 weeks after the Administrator receives the written request and any required supporting documents.
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- CAN YOU UPDATE MY ADDRESS AND RE-MAIL MY CHECK?
Yes. Please send a letter requesting a reissuance of your check, which includes your former and current mailing addresses to:
BOKF, N.A. Overdraft Litigation
Settlement Administrator
PO Box 4087
Portland, OR 97208-4087
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- WHAT DO I DO IF THE PERSON ON THE CHECK IS DECEASED?
First, please go to your financial institution in which you are a current account holder as they may cash/deposit the check if documentation regarding the status of the account holder and your status as the beneficiary/executor is presented.
If your bank will not cash the check, please return the original check along with a letter of instruction declaring that you are lawfully designated to receive funds on behalf of the deceased class member, signed under penalty of perjury, and proof of beneficiary/executor and/or proof of death of the person named on the check (i.e., copy of death certificate). Please address your replacement check request to:
BOKF, N.A. Overdraft Litigation
Settlement Administrator
PO Box 4087
Portland, OR 97208-4087
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- WHAT DO I DO IF THE PERSON ON THE CHECK IS NOW UNDER GUARDIANSHIP/GAVE ME POWER OF ATTORNEY?
First, please go to your financial institution in which you are a current account holder as they may cash/deposit the check if documentation regarding the status of the claimant and your status as the guardian/power of attorney is presented.
If your bank will not cash the check, please return the original check along with a letter of instruction declaring that you are lawfully designated to receive the funds on behalf of the class member, signed under penalty of perjury, and proof of guardianship or power of attorney. Please address your replacement check request to:
BOKF, N.A. Overdraft Litigation
Settlement Administrator
PO Box 4087
Portland, OR 97208-4087
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- HOW DO I DEPOSIT MY CHECK THAT SAYS “FOR DEPOSIT ONLY”?
If your Settlement check is for $100.00 or more, it has a “For Deposit Only” restriction as a fraud prevention measure. If you are unable to deposit the Settlement check into your bank account and/or unable to cash the check at another bank or check cashing agency, you may request that a replacement check be issued to you without the “For Deposit Only” restriction.
To request a replacement check, please return the original check along with a signed letter of instruction requesting that the replacement check be issued and mailed to you without the “For Deposit Only” restriction. Please address your replacement check request to:
BOKF, N.A. Overdraft Litigation
Settlement Administrator
PO Box 4087
Portland, OR 97208-4087
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- WHAT IS THIS LAWSUIT ABOUT?
The lawsuit alleges that BOKF, N.A. improperly assessed overdraft fees for insufficient funds on debit card, check card purchases and/or ATM withdrawals by sequencing transactions in a high to low posting order, resulting in increased overdraft fees in some instances. BOKF, N.A. denies all of Plaintiffs’ claims and says that it did nothing wrong.
In a class action, one or more people called Class Representatives (in this case Susan Eaton, Terry Case, and Bryan Ramer) sue on behalf of people who have similar claims. All of these people are a “Settlement Class” or “Settlement Class Members.” One court resolves the issues for all class members, except for those who timely exclude themselves from the class.
If the Court approves the settlement and after objections and appeals are favorably resolved, benefits will be conferred to eligible class members pursuant to the terms of the settlement.
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- WHY IS THERE A SETTLEMENT?
The Court did not decide in favor of Plaintiffs or Defendant. Instead, both sides agreed to settle this case to avoid the cost and risk of a trial. The proposed settlement does not mean that any law was broken or that the Defendant did anything wrong. Defendant denies all legal claims in this case. Plaintiffs and their lawyers think the proposed settlement is best for all Settlement Class Members.
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- WHO IS IN THE CLASS?
You are a Class Member if you are or were a BOKF, N.A. customer in the United States who had one or more consumer accounts and who, from January 1, 2005 through August 31, 2011, incurred an Overdraft Fee as a result of the bank’s High-to-Low Debit Card Transaction Sequencing.
If you received a notice in the mail, BOKF, N.A.’s records indicate that you are a Settlement Class Member.
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- WHAT DO SOME OF THESE TERMS MEAN UNDER THE TERMS OF THE SETTLEMENT?
“Account” means any consumer checking, demand deposit or savings account maintained by BOKF, N.A. in the United States that may be accessed by a Debit Card.
“Overdraft Fee” means the fee assessed to a holder of an Account for each item paid when the Account has insufficient funds to cover the item. Fees charged to transfer balances from other accounts are excluded.
“Debit Card” means a card, sticker, tag or other device issued or provided by BOKF, N.A., including a debit card, check card, or automated teller machine (“ATM”) card, that can be used to debit funds from an Account by Point of Sale and ATM transactions.
“Debit Card Transaction” means any debit transaction effectuated with a Debit Card, including Point of Sale transactions (whether pinned or pinless) and ATM transactions.
“High-to-Low Debit Card Transaction Sequencing” means BOKF, N.A.’s practice of sequencing an Account’s Debit Card Transactions, along with other debit transactions, from highest to lowest dollar amount, which results in some instances in the assessment of Overdraft Fees that would not have been assessed if BOKF, N.A. had used a posting method that sequenced transactions in the chronological order in which the transactions were initiated by Settlement Class Members, or an order that simulated the chronological order in which the transactions were initiated by Settlement Class Members.
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- WHAT ARE THE SETTLEMENT BENEFITS?
BOKF, N.A. will pay $19 million to a Settlement Fund to make payments or give account credits to eligible Settlement Class Members as well as to pay Class Counsel’s attorneys’ fees, costs, expenses, and Service Awards.
Automatic payments will be made to identifiable and eligible Settlement Class Members.
Details on all of the settlement benefits are in the Settlement Agreement, which is available on the Documents Page of this website.
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- HOW WAS THE AMOUNT OF THE PHASE I PAYMENTS DETERMINED?
Phase I Payments were calculated using a formula outlined in Section XI of the Settlement Agreement, which is available on the Documents Page or on request from the Settlement Administrator at (877) 752-5534. The formula allocates a proportional share of the Net Settlement Fund to Settlement Class Members, based on the number of Overdraft Fees each incurred due to High-to-Low Debit Card Transaction Sequencing.
Settlement Class Members who are current account holders of BOKF, N.A. received their individual payment by a credit to their account on November 6, 2012.
Settlement Class Members who are past account holders of BOKF, N.A., received their individual payment by mailed check on November 6, 2012.
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- WHEN WILL I GET MY PAYMENT?
Settlement Class Members who are current account holders of BOKF, N.A. received their individual payment by a credit to their account on November 6, 2012.
Settlement Class Members who are past account holders of BOKF, N.A., received their individual payment by mailed check on November 6, 2012.
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- WHAT AM I GIVING UP TO GET A PAYMENT?
If the settlement becomes final, Settlement Class Members who do not timely request exclusion from the settlement will be releasing BOKF, N.A. from all of the claims described and identified in section XIV of the Settlement Agreement. This means you will no longer be able to sue BOKF, N.A. regarding any of the claims described in the Settlement Agreement.
The Settlement Agreement is available at the Documents Page. The Settlement Agreement provides more detail regarding the release and describes the released claims with specific descriptions in necessary, accurate legal terminology, so read it carefully. You can talk to the law firms representing the Settlement Class listed in the section “The Lawyers Representing You” for free or you can, at your own expense, talk to your own lawyer if you have any questions about the released claims or what they mean.
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- HOW DO I EXCLUDE MYSELF FROM THE SETTLEMENT?
PLEASE NOTE: THE DEADLINE TO REQUEST EXCLUSION HAS PASSED.
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- IF I EXCLUDE MYSELF, CAN I GET ANYTHING FROM THE SETTLEMENT?
No. If you exclude yourself, you may not apply for any benefits under the settlement and you cannot object to the proposed settlement. If you ask to be excluded, however, you may sue or be part of a different lawsuit against the Defendant in the future. You will not be bound by anything that happens in this lawsuit.
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- DO I HAVE A LAWYER IN THIS CASE?
The Court appointed the following as “Class Counsel” to represent you and other Settlement Class Members:
| Class Counsel |
Tycko & Zavareei LLP
2000 L. Street, NW, Suite 808
Washington, DC 20036
|
Stueve Siegel Hanson LLP
460 Nichols Road, Suite 200
Kansas City, MO 64112
|
Gray Ritter & Graham, P.C.
701 Market Street, Suite 800
St. Louis, MO 63101
|
Sneed Lang Herrold P.C.
1700 Williams Center Tower I
One West Third Street
Tulsa, OK 74103
|
Sill & Medley, PLLC
14005 N. Eastern Avenue
Edmond, OK 73013
|
Jeff Martin & Associates, P.C.
4815 S Harvard Ave., Suite 380
Tulsa, OK 74135
|
Finkelstein Thompson LLP
1077 30th Street NW, #150
Washington, DC 20007 |
Podhurst Orseck
25 W Flagler St Ste 800
Miami, FL 33130
|
Chitwood Harley Harnes LLP
1350 Broadway, Suite 908
New York, NY 10018
|
Bruce S. Rogow, P.A.
500 E Broward Blvd.
Fort Lauderdale, FL 33394
|
Grossman Roth, P.A
2525 Ponce de Leon Blvd.,
11th Floor
Coral Gables, FL 33134
|
Lieff Cabraser Heimann & Bernstein LLP
275 Battery Street, 29th Floor
San Francisco, CA 94111
|
Webb, Klase & Lemond, LLC
1900 The Exchange, S.E.,
Suite 480
Atlanta, GA 30339
|
Trief & Olk
150 E 58th Street, Floor 34
New York, NY 10155
|
Baron & Budd, P.C.
3102 Oak Lawn Ave., Suite 1100
Dallas, TX 75219
|
Golomb & Honik, P.C.
1515 Market Street, Suite 1100
Philadelphia, PA 19102
|
Kopelowitz Ostrow P.A.
200 SW First Avenue, 12th Floor
Fort Lauderdale, FL 33301
|
|
You will not be charged for these lawyers. If you want to be represented by your own lawyer in this case, you may hire one at your own expense.
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- HOW WILL THE LAWYERS BE PAID?
Class Counsel will ask the Court for attorney’s fees of up to 30% of the Settlement Fund ($5.7 million), along with payment of Class Counsel’s reasonable costs and expenses. Class Counsel will also request Service Awards of $5,000 to each of the Class Representatives for their services on behalf of the Settlement Class. The Court may award less than these amounts. Payments approved by the Court will be made from the Settlement Fund.
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- HOW DO I TELL THE COURT IF I DON’T LIKE THE SETTLEMENT?
PLEASE NOTE: THE DEADLINE TO REQUEST EXCLUSION HAS PASSED.
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- WHAT’S THE DIFFERENCE BETWEEN OBJECTING AND ASKING TO BE EXCLUDED?
Objecting is simply telling the Court that you do not like something about the settlement. You can object only if you stay in the Settlement Class. Excluding yourself is telling the Court that you do not want to be part of the Settlement Class. If you exclude yourself, you cannot object to the settlement and you will not be eligible to apply for any benefits under the settlement because the case no longer affects you.
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- THE COURT’S FAIRNESS HEARING
The Court held a Fairness Hearing at 9:30 a.m. on August 29, 2012, at the United States District Court for the Southern District of Florida, James Lawrence King Federal Justice Building, 99 N.E. 4th Street, Eleventh Floor, Court Room No. 2, Miami, FL 33132. At the Fairness Hearing, the Court considered whether the proposed settlement was fair, reasonable, and adequate. After the Fairness Hearing, the Court will decided to approve the settlement and how much to award in attorneys’ fees, costs and expenses, as well as Service Awards.
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- WHAT HAPPENS IF I DO NOTHING?
If you are a Settlement Class Member and received a notice in the mail telling you that you will receive an automatic payment or account credit, you do not need to do anything in order to receive your payment or account credit (provided the Court approves the Settlement). If you did not receive a notice in the mail telling you that you will receive an automatic payment or account credit and do nothing, you will not get a payment or account credit from this settlement. In addition, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendants about the claims in this case, ever again.
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- ARE THERE MORE DETAILS ABOUT THE SETTLEMENT?
More details are in the Settlement Agreement. You can get a copy of the Settlement Agreement and other documents regarding this lawsuit by visiting the Important Documents page. You also may write with questions to the Bank of Oklahoma Overdraft Settlement Administrator at PO Box 4087, Portland, OR 97208-4087. You can have a copy of the Detailed Notice mailed to you by calling (877) 752-5534.
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