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BOKF > SEC Filings for BOKF > Form 8-K on 23-Nov-2011All Recent SEC Filings

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Other Events

Item 8.01 - Other Events

BOKF, NA, a wholly owned subsidiary of BOK Financial Corporation which does business as Bank of Oklahoma, Bank of Arkansas, Bank of Albuquerque, Bank of Arizona, Bank of Kansas City, Bank of Texas and Colorado State Bank and Trust, has entered into an agreement to settle three class action lawsuits respecting the manner in which certain charges post to consumer demand deposit accounts. These were opportunistic class action lawsuits in which BOKF, NA was one of more than 70 US banks, of all sizes, targeted.

Two of the lawsuits were brought in the District Court of Tulsa County. The third action, originally brought in the United States District Court for the Western District of Oklahoma, was transferred to the Multi-District Litigation in the Southern District of Florida. In order to fully and finally resolve the litigation and avoid any further expense and distraction, BOK Financial agreed to pay a settlement amount of $19 million. While BOKF, NA has decided to settle, the bank stands by its practices, which were developed considering customer feedback and preferences, costs, revenues and technology changes, and will not be changing its practices as a result of these lawsuits.

The settlement is subject to negotiation of a definitive agreement and final approval by the United States District Court of the Southern District of Florida and the District Court of Tulsa County. A substantial portion of the $19 million settlement has been accrued in prior periods. The remaining amount will not significantly impact net income for the fourth quarter of 2011.

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