Xceed Financial Federal Credit Union has agreed to a confidential out-of-court settlement with a member who filed a class action lawsuit against the El-Segundo, Calif., credit union for unfair business practices by allegedly re-sequencing debit charge transactions to maximize overdraft fees.

“The parties have entered into a confidential settlement agreement to avoid time and expense of litigation and without admitting fault or liability of any kind,” according to court documents that officially dismissed the case. The agreement was reached July 20 in U.S. District Court in Los Angeles.

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Credit Union Times

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