Higher One, the large but often controversial provider of debit cards on college campuses, has reached a preliminary agreement to pay $15 million to settle claims that its fees and marketing practices were predatory, the company announced Tuesday.
The settlement, if finalized and approved by a court, would resolve a handful of class-action lawsuits filed in 2012 against Higher One by a dozen students at colleges across the country. A federal judge consolidated the lawsuits filed in five different states -- Connecticut, Mississippi, Alabama, Illinois and Kentucky -- into one class action earlier this year.
At issue in the case were Higher One’s debit card accounts that the company provided to college students.
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