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EverBank settles class-action suit involving foreign currency CDs

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EverBank settles class-action suit involving foreign currency CDs

Jacksonville, Fla.-based unitEverBank settled aclass-action lawsuit under the Vathana v.EverBank case, and paid $750,000 as part of the agreement.

According to a recent Form 10-Q,EverBank entered into a settlement in principle with the plaintiffs on Oct. 9,2015, and the court approved the settlement March 18.

The lawsuit concerned certain EverBankforeign currency certificates of deposit, wherein the plaintiffs accused thebank of breaching a certain contract with customers and of using improperconversion rate, among other allegations.

EverBank Financial also disclosedin the filing that it entered into tentative settlement agreements with respectto two other class-action lawsuits under the Fair Labor Standards Act. Theplaintiffs in the two separate collective actions alleged that the companyimproperly exempted plaintiffs from the FLSA, and also failed to pay overtimeas well as federally mandated minimum wage. The parties arefinalizing the settlement agreements.