Legal Proceedings
−Removed: In the normal course of business, the Company and the Bank are named defendants in various lawsuits and counterclaims.
−Removed: In the opinion of management, after consultation with legal counsel, none of the currently pending suits are expected to have a materially adverse effect on the Company's consolidated financial statements.
−Removed: On November 2, 2022, the Bank was served with a putative class action complaint alleging it improperly charged overdraft fees on (1) debit card transactions that were authorized for payment on sufficient funds but later settled against a negative account balance (commonly known as "authorize positive purportedly settle negative" or "APPSN" transactions) and (2) merchant re-presentments of previously rejected payment requests.
−Removed: The complaint asserts a breach of contract claim (including breach of an implied covenant of good faith and fair dealing) for each practice.
−Removed: The Bank believes that this lawsuit is without merit and intends to vigorously defend against the asserted claims.
+Added: In the normal course of business, the Company and the Bank are involved as parties to various legal actions.
+Added: In our opinion, after consultation with legal counsel, we believe it is unlikely that any such pending legal actions will have a material adverse effect on our financial condition, results of operations or liquidity.
+Added: On November 2, 2022, the Bank was served a putative class action lawsuit, captioned Jennifer Harding, et al.
+Added: Capitol Federal Savings Bank (Case No.
+Added: 2022-CV-00598), filed in the Third Judicial District Court, Shawnee County, Kansas against the Bank, alleging the Bank improperly charged overdraft fees on (1) debit card transactions that were authorized for payment on sufficient funds but later settled against a negative account balance (commonly known as "authorize positive purportedly settle negative" or "APPSN" transactions) and (2) merchant re-presentments of previously rejected payment requests.
+Added: The complaint asserts a breach of contract claim (including breach of an implied covenant of good faith and fair dealing) for each practice and seeks restitution for alleged improper fees, alleged actual damages, costs and disbursements, and injunction relief.
+Added: On April 5, 2023, the court granted the Bank's motion to dismiss the complaint, with prejudice.
+Added: The plaintiffs have appealed this decision.
The Company assesses the liabilities and loss contingencies in connection with pending or threatened legal and regulatory proceedings on at least a quarterly basis and establishes accruals when it is believed to be probable that a loss may be incurred and that the amount of such loss can be reasonably estimated.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.