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UPDATE 1-Bank of Hawaii reaches $9 mln overdraft settlement
July 18, 2011 / 9:20 PM / 6 years ago

UPDATE 1-Bank of Hawaii reaches $9 mln overdraft settlement

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July 18(Reuters) - Bank of Hawaii Corp said it reached a tentative settlement to pay $9 million in a class action law suit regarding overdraft fees charged on debit card transactions.

It said in a filing with U.S. regulators that it would pay $9 million to the plaintiffs in the class action lawsuit filed in February..

The Honolulu, Hawaii-based company said that the settlement was subject to court approvals.

The amount would be used to refund class members and to pay their legal costs, in exchange for a complete release of all claims asserted against the Company.

Shares of the company closed at $44.92 on Monday on the New York Stock Exchange. (Reporting by Aditi Sharma in Bangalore; Editing by Prem Udayabhanu)

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