Langer Grogan & Diver, P.C. announced today that Magistrate Judge Timothy Rice of the United States District Court for the Eastern District of Pennsylvania granted preliminary approval to a $37.5 million class action settlement with Zions First National Bank and two subsidiaries of claims brought under the Racketeer Influenced and Corrupt Organization (“RICO”) Act.
Reyes v. Zions First National Bank
Court Allows Fraud Action Brought By Langer Grogan & Diver, P.C. to Proceed Against Zions First National Bank
The United States Court of Appeals for the Third Circuit has breathed new life into a major case against Zions First National Bank, a subsidiary of Zions Bancorp (NASDAQ: ZION), for its alleged involvement in a scheme to defraud hundreds of thousands of depositors throughout the United States. The case was brought on behalf of the depositors by the Philadelphia law firm, Langer, Grogan & Diver, P.C.
Law 360’s Emily Field reports that the Third Circuit on Wednesday vacated a lower court’s order denying class certificationto plaintiffs who allege Zions Bancorp. was complicit in a series of schemes by telemarketers to gain access to customers’ bank accounts and charge excessive fees, saying the court held the plaintiffs to an excessively high standard of proof.
The Third Circuit on Wednesday vacated a lower court’s order denying class certification to plaintiffs who allege Zions Bancorp. was complicit in a series of schemes by telemarketers to gain access to customers’ bank accounts and charge excessive fees, saying the court held the plaintiffs to an excessively high standard of proof.
In the June 10, 2013 edition of The New York Times, business reporter Jessica Silver-Greenberg tells the story of Bruno Koch, 83, in Banks Seen as Aid in Fraud Against Older Consumers. Mr. Kirby told the telemarketer on the line that, yes, of course he would like to update his health insurance card. Then Mr. Koch, of Newport News, Va., slipped up: he divulged his bank account information.
An attorney hoping to represent what he said was nearly 400,000 plaintiffs told a Philadelphia federal judge Thursday that customers accusing a Zions Bancorp subsidiary of complicity in a fraudulent telemarketing scheme warranted class certification, reports Matt Fair in today’s Law 360 article, Telemarketing Scam Victims Seek Class Cert. Against Zions.Howard Langer presented oral arguments on a class certification motion before U.S. District Judge Juan Sanchez.
Five national banks, including Wells Fargo and Wachovia, helped “unscrupulous telemarketers” launder millions of dollars they swiped from consumers, a class action claims in Philadelphia Federal Court.