You forgot to mention that the wrongful behavior would cease. That's the point of a class action: It provides an effective state attorney without tapping the public treasury.
Not if they made more money ripping people off than it cost them in the courts. Even if they didn't make a full $50 million in this scam, time value of money means they get to capture earnings on the scammed money for a decade before they have to finally pay a penalty.
THEN they get to offset $50 million of current income to reduce their tax bill. I'm surprised more banks don't do this.
THEN they get to offset $50 million of current income to reduce their tax bill. I'm surprised more banks don't do this.