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CBSH > SEC Filings for CBSH > Form 8-K on 23-Dec-2011All Recent SEC Filings

Show all filings for COMMERCE BANCSHARES INC /MO/

Form 8-K for COMMERCE BANCSHARES INC /MO/


23-Dec-2011

Other Events


Item 8.01 Other Events

On December 23, 2011, Commerce Bank, a wholly owned subsidiary of Commerce Bancshares, Inc., reached a class-wide settlement with plaintiffs in a class action lawsuit captioned Wolfgeher v. Commerce Bank, Case No. 1:10-cv-22017 (MDL 2036) originally filed in the United States District Court for the Western District of Missouri and subsequently transferred to the United States District Court of the Southern District of Florida. The second amended complaint filed in December 2010, alleged claims that the Bank had improperly charged overdraft fees on certain debit card transactions. The settlement, subject to documentation and court approval, provides for a payment by the Bank of $18.3 million into a class settlement fund the proceeds of which will be used to issue refunds to class members and to pay attorneys' fees, administrative and other costs, in exchange for a complete release of all claims asserted against the Bank. The Bank, while admitting no wrongdoing, agreed to the settlement in order to resolve the litigation and avoid further expense.

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