Zions First National Bank, sued for an allegedly fraudulent telemarketing scheme that resulted in unauthorized debits to bank consumers’ accounts, has agreed to settle the RICO claims against it for $37.5 million.
The settlement agreement was reached after a June 10 teleconference between the parties and on July 1, Zions is set to wire the $37.5 million into an escrow account, according to an order from U.S. Magistrate Judge Timothy Rice of the Eastern District of Pennsylvania. The settlement must still obtain preliminary approval from the court.
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