clear42: Making Money Through

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.

WASHINGTON/POLITICAL:

CNN: Congress passes continuing resolution, avoids another shutdown threat

Congress passed a temporary spending measure on Thursday that will keep the federal government funded and open for business until December 16. The continuing resolution was necessary because the federal government is set to run out of money by midnight Friday.

CNN: White House shooting suspect faces attempted assassination charge

An Idaho man who acquaintances say called President Barack Obama "the anti-Christ" was charged Thursday with trying to assassinate him in a shooting incident outside the White House, federal authorities said.

CNN Money: Energy Secretary Chu offers no apologies for Solyndra

Energy Secretary Steven Chu made no apologies Thursday for the $535 million loan guarantee the government made to now bankrupt solar panel maker Solyndra, saying the company's collapse was unforeseeable and politics did not play a role in the approval process.

CNN: Secret Service confirms Cain protection

Presidential candidate Herman Cain will receive protection from the United States Secret Service, the agency confirms to CNN.

NATIONAL:

CNN: Syracuse puts associate basketball coach on leave amid police probe

Syracuse University placed associate men's basketball coach Bernie Fine on administrative leave Thursday over an inappropriate contact allegation made by a man in 2005.

CNN: Court: California same-sex marriage fight can continue

A complex legal fight over the constitutionality of same-sex marriage is back on track after California's highest court on Thursday allowed an appeal over a controversial ballot initiative to move ahead in federal court.

CNN: Authorities: Tons of drugs went through cross-border tunnel

A nondescript white warehouse building in southern California hid a sophisticated drug smuggling tunnel that traffickers used to transport tons of marijuana from Mexico into the United States, authorities said.

CNN: ‘Occupy’ protesters, police clash during ‘day of action’

Thousands of Occupy Wall Street demonstrators deluged New York on Thursday, a show of strength in the movement's original home that was echoed nationwide as part of a "mass day of action."

INTERNATIONAL:

CNN: U.S. to send Clinton to Myanmar

U.S. President Barack Obama announced Friday that he will send Hillary Clinton to Myanmar next month, the first visit by a U.S. secretary of state in more than 50 years.

CNN: Defectors in Syria strike pro-regime office

Army defectors in northwestern Syria - armed with rocket-propelled grenades - attacked a pro-government youth group office and clashed with Syrian security personnel Thursday, activist groups said.

CNN: New radiation scare for rice in Japan

Japanese authorities have halted the shipment of rice from some farms northwest of the Fukushima Daiichi nuclear power plant after finding higher-than-allowed levels of radioactive cesium, local authorities said Thursday.

CNN: Al Qaeda-linked group finds fertile territory in Nigeria as killings escalate

Two weeks ago, dozens of armed men descended on a town in northern Nigeria and killed more than 100 people in a coordinated series of bombings and gun attacks.

BUSINESS:

CNN Money: Debt committee: Market reaction a big unknown

Given how volatile markets have become, predicting how traders will react to the congressional debt committee next week is a dicey undertaking.

CNN Money: Stocks in sharp sell-off

U.S. stocks fell sharply Thursday as jumpy investors dumped risky assets on fears of more debt trouble in the eurozone.

Wall Street Journal: As Whirlpool Exits, Jobs Hunt Begins

When a new refrigerator plant opened here in 1962, this city held a parade to celebrate the arrival of a big employer. Now the resilience of Fort Smith, long noted for its ability to attract manufacturers and their well-paying jobs, is being tested again.

In Case You Missed It…

An emotional Herman Cain breaks down in tears during an interview with affiliate WMUR.

MIAMI (AP) — A federal judge on Monday gave final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.

Senior U.S. District Judge James Lawrence King said the agreement was fair and reasonable, even though it drew criticism from some customers because they would only receive a fraction of what they paid in overdraft fees. The fees were usually $35 per occurrence.

"It's really undisputed that this is one of the largest settlements ever in a consumer case," said Aaron Podhurst, a lead attorney for the customer class.

The settlement became final a week after Charlotte, N.C.-based Bank of America backed off a plan to charge a $5 monthly fee for debit-card purchases. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.

Bank attorney Laurence Hutt said 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 would get some payment. Those who still have accounts would get an automatic credit and the others would get a check mailed to them. No one would have to take any action or fill out any paperwork.

Barry Himmelstein, an attorney for customers who objected to the deal, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent. He said the average customer in the case had $300 in overdraft fees, making them eligible for a $27 award — less than one overdraft charge — from the lawsuit.

"It's $4.5 billion that's gone missing from people's accounts," Himmelstein said.

Hutt said only 46 customers filed formal objections to the settlement and 350 decided to opt out, meaning they could take separate legal action on their own.

"It's very easy for people to say on the sidelines, 'I could do better,'" Hutt said. "Never is a settlement at 100 percent of what somebody thinks they can receive at trial. It's always a compromise."

Customers will receive a minimum of 9 percent of the fees they paid through the settlement, Hutt added. The bank has already paid the money into an escrow account.

The lawsuit claimed that Bank of America processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers paid. An overdraft occurs when the account doesn't have enough money in it to cover a debit card transaction. Similar lawsuits have been filed against more than 30 other banks.

Despite the settlement, Bank of America insists there was nothing improper about the processing sequence. New regulations enacted following the recent financial crisis prohibit banks from charging overdraft fees on debit cards without first getting customer permission.

Many of the objections concerned the fees for the team of class-action attorneys, which would amount to about $123 million. Lawyers for people opposed to the settlement said that amount should be cut down by at least $50 million, with the money going back to the wronged customers.

"The best use is to provide compensation to the class members," said Elliott Kula, who represents some of the objectors.

But King sided with the plaintiffs' attorneys, noting that they spent thousands of hours on the case and achieved "a superb result" for the customers.

"I don't see anything about this case that's simple or garden variety," the judge said.

Another complaint concerned missing records for customers from 2001 through 2003, which has made them impossible to identify. The settlement will take about 14 percent of the total — representing an estimate for the fees paid by those customers — and put the money into nonprofit financial literacy programs.

In addition, the 32 original named plaintiffs who represented the larger class will get bonuses of up to $5,000 each, $2,500 each if both plaintiffs are a married couple.

____

Online:

Settlement Website: http://www.bofaoverdraftsettlement.com

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Follow Curt Anderson on Twitter: http://twitter.com/Miamicurt

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