Ford Agrees to Settle Suits Over Lease Fees

Ford Motor Co. said it tentatively settled a class-action lawsuit by lease customers who said they were charged excessive penalties for making late payments.

Ford agreed to pay as much as $80 million to 1.8 million lease customers and about $7 million in legal fees. The auto maker said it mailed notices of the settlement to the affected customers last month.

A company spokeswoman said Ford still believed that there was nothing excessive about its late fees, which were 7.5% of the monthly lease payment or $50, whichever was less.

The case grew out of a suit filed in California in the mid-1990s and a second case filed later in Maryland.

A hearing for final approval of the settlement is scheduled for Sept. 20.