June 21, 2012
News Release
A legal team that held some of the nation’s largest banks accountable for an accounting trick that charged customers unfair fees has been named a finalist for the 2012 Trial Lawyer of the Year Award, an honor presented annually by the Public Justice Foundation.
Lead counsel Bruce Rogow of Miami, Fla., and Aaron Podhurst of Podhurst Orseck in Miami, and co-counsel Robert Gilbert of Grossman Roth in Coral Gables, Fla., represented wronged consumers against three dozen banks, and won a number of significant settlements-Bank of America will pay $410 million and JPMorgan $110 million, among others.
Other members of the legal team included Robert Josefsberg, Peter Prieto and John Gravante, III, of Podhurst Orseck; Stuart Grossman, David Buckner and Seth Miles of Grossman Roth; Russell Budd, Bruce Steckler and Mazin Sbaiti of Baron & Budd in Dallas, Texas; Michael Sobol, David Stellings, Roger Heller and Jordon Elias of Lieff Crabraser Heimann & Bernstein in San Francisco; Ted Trief and Barbara Olk of Trief & Olk in New York City; Edward Adam Webb, Mathew Klase and G. Franklin Lemond, Jr. of Webb, Klase & Lemond in Atlanta; Richard Golomb, Ruben Honik and Kenneth Grunfeld of Golomb & Honik in Philadelphia; and Jeremy Alters of Alters Law Firm in Miami.
The settlements will provide refunds to millions of consumers charged unfair overdraft fees by their banks. By rearranging debit transactions from highest to lowest, the banks drew down their customers’ account balances more rapidly. The smallest transactions were posted last, and each one had the effect of overdrafting the account. Since banks charge per overdraft, customers were hit with multiple fees. Banks made around $29 billion a year from the fees.
Rogow, Podhurst, Gilbert and their co-counsel are among 42 total lawyers-involved in four cases-named as finalists for their extraordinary legal work in the public interest. Fourteen cases were nominated for this year’s award. They involve a range of issues, from a nationwide class action on behalf of female financial advisors discriminated against, to fighting for the First Amendment rights of watchdog journalist in Nevada.
The winner of the nationally prestigious award will be announced on July 31 at the Public Justice Foundation Annual Gala and Awards Dinner in Chicago.
