Earlier this month, we were honored to receive an award of over $19,000 of unclaimed proceeds from a class action settlement. In 2013, Atlanta law firm Webb, Klase & Lemond filed a class action case against Flagstar Bank on behalf of Plaintiff Charlene Faris. Around that time, Flagstar had over 100 branches in Michigan, Indiana, and Georgia. The suit challenged Flagstar's practice of assessing overdraft fees even at times when actual funds remained in a customer's account. After more than two years of hard fought litigation, a class was certified and, on the eve of trial, a settlement was reached which returned over 100% of the improper fees, a total of $7.7 million, to more than 40,000 harmed consumers. After monies were distributed to the class in two phases, a small percentage of the fund remained. The Court awarded Georgia Watch a portion of the remaining funds to further our efforts on behalf of Georgia consumers. We are grateful to Webb, Klase & Lemond for recommending us for this award.
