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Community Bank System discloses final approval of settlement

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Community Bank System discloses final approval of settlement

De Witt,N.Y.-based Community Bank SystemInc. can finally put to rest two related class actions commencedOct. 30, 2013, and May 23, 2014.

The casesalleged that notices that CommunityBank NA provided in connection with repossessed automobiles failedto comply with certain requirements of the Pennsylvania and New York UniformCommercial Code and related statutes.

In a Form10-Q filed May 9, the company said that on March 31, the U.S. District Courtfor the Middle District of Pennsylvania issued an order of final judgment anddismissal, granting final approval of the settlement that was resolved throughmediation in September 2014.

All claimsof the class members covered by the actions would be released in exchange forthe establishment of a settlement fund of $2.8 million. Previously, thelitigation settlement charge of $2.8 million was recorded in the third quarterof 2014.