Law firms seeking relatively easy settlements have helped fuel the numbers of lawsuits against both credit unions and community banks over alleged failures to comply with ATM regulations.
One of the latest CUs to have been caught in the ATM litigation web is the 36,000-member LA Financial Credit Union, a federally chartered CU headquartered in Pasadena, Calif. Class action litigation that charged the CU's ATMs violated contract law wrapped up last week.
According to court documents and the plaintiff's counsel, LA Financial agreed to pay people who had made transactions at its six ATMs between May 5, 2007 and May 28, 2009 at least 50 cents plus interest, per person, per transaction, but no more than $10.
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