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Violation Tracker Individual Record

Company: Citizens Financial
Current Parent Company: Citizens Financial Group
Penalty: $137,500,000
Year: 2013
Date: March 12, 2013
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: banking violation
Mega-Scandal: Overdraft Fees
Violation Description: Citizens Financial agreed to pay $137.5 million to settle litigation concerning improper overdraft fees resulting from the way that debit-card transactions were processed.
Level of Government: federal
Action Type: private litigation
Court: Southern District of Florida
Civil or Criminal Case: civil
Case ID: 1:09md2036
Case Name: In re: Checking Account Overdraft Litigation
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: Rhode Island
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.