Banco Popular customers receive payment following agreement in two lawsuits against the institution

Banco Popular customers received a payment this week into their deposit accounts as part of a settlement agreement in two class cases filed in federal court against the financial institution.

Through an email sent to consumers, the bank informed that the agreement was approved on March 14 and that payments should be made on or about June 7. At this time, it is not known how much money the transaction was closed for and how many customers received payments.

“The messages that were sent were the result of an agreement between Banco Popular and the plaintiffs. Because it is a court case, we will not be commenting on it.”the financial institution expressed in written statements sent to The new day.

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One of the appeals was filed on January 31, 2020 by Pedro Soto Meléndez, while the second was filed by Sandra Orama Caraballo and Miguel Quiñones Acosta on March 2, 2022.

However, by July 21, 2022, the two parties filed a media motion to consolidate the cases into a single lawsuit, according to a federal court electronic record search.

Plaintiffs’ arguments revolved around the handling of fee collection in checking accounts and overdrafts, including fees associated with businesses, among other things. The case was in charge of Judge Jay García Gregory, who certified the agreement between the parties.

According to the letter sent to clients, the payment made by the institution is “considered final and conclusive”. This medium has heard of customers who have received deposits between $5 and $21, but on social networks, there are people who claim to have received up to $50.

The new day He also sought a response from one of the plaintiffs’ legal representatives, attorney Andrew Shamis of the Miami-based firm Shamis & Gentile PA, but as of this story’s publication, no response had been received.