If Limestone Bank charged you certain overdraft or verification fees between May 3, 2013 and April 30, 2023, you may be getting money back automatically, or even debt forgiveness, from a $1,112,729 class action settlement.
The case is called Cooper v. Peoples Bank. Peoples Bank acquired Limestone Bank in 2023 and agreed to settle claims that Limestone improperly assessed specific fees. There’s no claim form required for eligible customers.
Why This Lawsuit Exists?
The lawsuit alleged that Limestone Bank improperly charged two types of fees:
APSN Fees (Authorized Positive, Settled Negative fees) – Overdraft fees on debit card transactions that were authorized when the account had enough money, but later settled when the account balance was negative, in the same amount as originally authorized.
Verify Bank Fees – Fees charged during a verification process where a third party deposited and withdrew equal small amounts within 24 hours.
Peoples Bank denies any wrongdoing, but both sides agreed to settle to avoid the cost and uncertainty of ongoing litigation.
Who Qualifies?
You are a Settlement Class Member if:
Limestone Bank charged you one or more Challenged Fees
The fees were assessed between May 3, 2013 and April 30, 2023
Class members were identified through Limestone Bank’s records.
If you received a postcard or email notice addressed to you, you are considered part of the settlement class.
How Much Can You Get?
Payments are based on a pro rata formula, meaning your share depends on how much you paid in challenged fees compared to the total paid by all class members.
Formula: (Your challenged fees ÷ Total challenged fees paid by all class members) × Net Settlement Fund
Important details:
The total settlement fund is at least $1,112,729
$950,000 cash portion
$162,729 in debt forgiveness
No one will receive more than the total challenged fees they paid
Attorneys’ fees may be up to $370,909.67
Service award may be up to $5,000
Your Options
| Option | What It Means | Deadline |
|---|---|---|
| Do Nothing | Automatically receive a check, account credit, and/or debt forgiveness. You give up the right to sue separately over these claims. | No action required |
| Exclude Yourself | Get no benefits. Keep your right to file your own lawsuit. | March 6, 2026 |
| Object | Tell the Court why you disagree with the settlement. You will still receive payment if approved. | Follow notice instructions |
How to File a Claim?
You do not need to file a claim.
After final approval and resolution of any appeals, payments will be issued approximately 35 days later:
Open accounts: Account credit
Closed accounts: Check by mail
Outstanding challenged fees: Debt forgiveness
If your mailing address has changed, contact the settlement administrator:
Cooper v. Peoples Bank
P.O. Box 301130
Los Angeles, CA 90030-1130
