PHILADELPHIA, Nov. 28, 2016 /PRNewswire/ -- On Tuesday, November 22, Magistrate Judge Timothy Rice of the United States District Court for the Eastern District of Pennsylvania granted final approval of a $37.5 million class action settlement. The case -- Reyes v. Zions First National Bank -- alleged that Zions Bank and a former payment processing subsidiary knowingly processed payments for fraudulent telemarketers. Magistrate Judge Rice also awarded class counsel, Langer Grogan & Diver, $12.5 million in attorneys' fees.
At the hearing on the matter, Judge Rice stated, "The case in my experience, and I think in the collective experience with this courthouse, involves an unprecedented recovery of as high as 90 percent of the single damages sustained by each of the victims." In his comments regarding the fee award, Judge Rice stated that Langer Grogan & Diver "has become a national leader in the field of consumer class actions."
The class was represented by Howard Langer, John Grogan, Ned Diver, Irv Ackelsberg, and Peter Leckman.
The case is Reyes v. Zions First National Bank, et al., Case No. 10-345 (E.D. Pa.)
Langer, Grogan & Diver, P.C. (LGD), is a nationally recognized complex commercial litigation law firm based in Philadelphia, Pennsylvania. For more information, visit the firm's website at www.langergrogan.com.