Iberiabank Corp. has agreed to pay $2.5 million to settle claims the Lafayette, La., company illegally charged customers excessive overdraft fees.
A court filing said that bank customers will receive their respective shares of settlement funds "without having to do anything at all." The filing said that available Iberiabank data will be used to determine who qualifies and that a formula will determine amounts.
The announcement follows what court filings described as months of "intense negotiations" between involved parties.
Earlier this year, Bank of America Corp. agreed to settle similar claims for $410 million. More than a dozen other banks are involved in similar litigation.