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Independent Bank settles lawsuit over checking account transactions for $2.2M

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Independent Bank settles lawsuit over checking account transactions for $2.2M

Grand Rapids, Mich.-based Independent Bank Corp. paid $2.2 million to settle a lawsuit concerning the bank's checking account transaction sequencing from February 2009 to June 2011, according to a regulatory filing.

The Wayne County, Mich., Circuit Court, where the lawsuit was filed, approved the settlement in January.

The Independent Bank parent will also pay for class notification costs and other expenses, estimated to be around $100,000. The company recorded a $2.3 million expense in its 2016 fourth-quarter results in preparation for the settlement.

Independent Bank denied any liability in the issue.