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Banco Popular de Puerto Rico (BPPR), a Puerto Rican bank, agreed to pay $5.5 million as part of a class action lawsuit settlement to resolve claims it assessed illegal overdraft and NSF fees.
The settlement benefits current and former Banco Popular de Puerto Rico customers who were assessed retry/resubmitted overdraft and non-sufficient funds (NSF) fees between Feb. 1, 2016, and April 1, 2022.
BPPR is a bank that offers a range of financial services to consumers in Puerto Rico, the United States, the Caribbean and Latin America.
According to a class action lawsuit, BPPR violates U.S. law by charging unfair overdraft and NSF fees.
Plaintiffs in the bank fees class action lawsuit accuse BPPR of assessing multiple fees on single transactions and charging both NSF and overdraft fees on the same transaction. These practices allegedly cause consumers to pay a large sum in fees — on top of whatever their transactions cost.
“BPPR’s customers have been injured by the Bank’s improper practices to the tune of millions of dollars bilked from their accounts in violation of their agreements with BPPR,” the bank fee class action contends.
According to the complaint, BPPR’s practices violate its own account agreements. Account agreements allegedly fail to disclose the excessive fees charged by BPPR. Instead, the agreements promise to charge only a single NSF or overdraft fee per transaction, the plaintiffs claim.
BPPR hasn’t admitted any wrongdoing but agreed to a $5.5 million class action settlement to resolve these allegations over fees.
Under the terms of the BPPR fees settlement, class members can receive a cash payment based on the number of overdraft and NSF fees they were assessed by BPPR.
Class members who paid the highest number of fees will receive larger proportional shares of the settlement fund. No payment estimates are available.
Current customers will receive their share of the settlement fund as an account credit. Former customers without active BPPR accounts will receive their settlement payment as a check.
If any funds remain in the settlement after the first round of payments, a second round of payments may be sent to class members who accepted their first payments. Residual funds may instead be distributed to a charitable recipient approved by the court.
The deadline for exclusion and objection is Feb. 12, 2023.
The final approval hearing for the Banco Popular class action lawsuit settlement is scheduled for March 14, 2023.
No claim form is required to benefit from the settlement. Class members who do not exclude themselves will automatically receive settlement benefits as described above.
Who’s Eligible
Current and former Banco Popular de Puerto Rico customers who were assessed retry/resubmitted overdraft and non-sufficient funds (NSF) fees between Feb. 1, 2016, and April 1, 2022.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Exclusion Deadline
02/12/2023
Case Name
Soto, et al. v. Banco Popular de Puerto Rico, CaseNo. 3:20-CV-01057, in the U.S. District Court for the District of Puerto Rico
Final Hearing
03/14/2023
Settlement Website
Claims Administrator
Kroll Settlement Administration LLC
c/o Kroll Settlement Administration, LLC
PO Box 225391
New York, NY 10150-5391
833-709-0653
Class Counsel
David Indiano
INDIANO & WILLIAMS PSC
Jeffrey Kaliel
Sophia Goren Gold
KALIELGOLD PLLC
Defense Counsel
Maria D Trelles Hernandez
PIETRANTONI MÉNDEZ & ÁLVAREZ LLC
Mitchel H Kider
Michael Y Kieval
WEINER BRODSKY KIDER PC
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112 thoughts onBanco Popular de Puerto Rico (BPPR) NSF fees $5.5M class action settlement
Que dice esa carta ?
Yo no he recibido nada y en Banco Popular nadie sabe de esa demanda, así q no se a quien creer.
Vamos a ver que pasa del 14 de Junio en adelante
saludos a todos a nadie le ha llegado un email o carta del 12 de mayo de 2023. eso es lo q dicen en el banco. vayan a pedirla pq ahi dice todo.
Pero por q el banco no envía una carta por correo.???? Yo hable con alguien del banco y ellos no saben de esto y si saben no están autorizados a dar información. No entiendo.
A mi no me ha llegado nada.
Decidi no pensar en esto… me huele a embuste… seguire mi vida…
Será embuste???
Eso parece🤷🏻♂️ casi 3 meses y no sabemos nada…
Esperaran exactamente los 90 dias
Ya estamos en Junio
Los abogados no cobraran $10,000, ellos cobraran un 33% de 5.5 millones. Los que cobraran 10,000 son los que pusieron la demanda como una regalia por habernos representado.
Bueno… manana comienza junio…
Aparentemente lo que el juez dictamino el 14 de marzo ,que se le pagara 10,000 a los perjudicados ,
Yo entendí q esos 10,000 se los pagaran a los representantes que hicieron la demanda, o sea a los q demandaron y q nos incluyeron. Creo q es así por q son muchas personas en esta demanda y van a pagar de acuerdo a unos porcientos q ellos hicieron. Eso entendí. Ojalá y fueran 10,000. Dios la oiga!!!.
Ojala y sean $10,000 porque ya los debo 😂😂
Ojalá pero no creo! Entiendo q la cantidad dependerá de las veces q te sobregiraste. Ya quisiera q fueran 10,000.
$10,000 es muy poco para los abogados… pienso yo no se…
Eso lo saque de los documentos del tribunal de marzo 14 ,pag .5 #18 ,incluso supuestamente puede que haiga una segunda ronda de pago, pero hay que ver como usted dice pq esto es una incertidumbre ,no se sabe con exactitud cuanto es , cuando comenzaran a depositar pq es el banco que tiene que hacer los depositos
Se acerca Junio 14 para que comiencen a desembolsar
Se acerca Junio 14 para que comiencen a desembolsar en las cuentas
Yo tengo una duda, la cantidad retribuida será el cargo que se hizo por cada transacción o habrá cantidad adicional como compensación por los gastos y contratiempo que esta practica tuvo para con los cliente del BPPR
Verdaderamente no sabría decirte. Esto es un misterio. Por q ellos no saben o no quieren decir.
Solo espero que sea una compensación justa para todos los perjudicados. Seguiremos esperando.
Bueno, yo entiendo que nos daran una compensacion por “daños y prejuicios” pero vamos para 3 meses y no sabemos nada.
Tengo entendido que por el tribunal tienen 90 días para pagar. En caso que el pago sea enviado por cheque tenemos 90 días para cambiarlo pq de lo contrario caducará. Ya faltan pocos días.
Bueno yo hable con un representante de los abogados. Llame al teléfono q dan aquí y me indico q esto se pagaría cualquier día de junio pero no me pudo decir cuanto iban a pagar pr q depende de la cantidad de veces q el cliente se sobregiro. Que no todo el mundo va a recibir la misma cantidad. Eso me dijo la persona q me atendió. Espero q no sea mentira.
Gracias por la informacion. Seguiremos esperando.