Is the ATM Class Action a Scam?

Is the ATM Class Action a Scam?

The ATM Class Action Lawsuit is not a scam. A class action lawsuit was brought on behalf of ATM cardholders who used a bank ATM owned by an entity different from the entity that issued the ATM card and was assessed an ATM surcharge. The lawsuit alleges the Defendants violated federal antitrust laws by participating in an unlawful agreement that allegedly had the effect of increasing the amount of ATM surcharges paid by the Class. The Defendants deny these allegations. The Court has not decided who is right.

Three Defendants have agreed to settle the lawsuit - JPMorgan & Chase Co. (“JP Morgan”); Wells Fargo & Co. and Wells Fargo Bank (“Wells Fargo”); and Bank of America, N.A. and Bank of America Corp. (“Bank of America”). These Defendants are collectively referred to as the “Settling Defendants.”

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Is the ATM Class Action a Scam?