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Fifth Third Bank, Vantiv Inc., National Processing Co. Settlement Overview:
- Who: Fifth Third Bank, Vantiv Inc. and National Processing Co. will pay $50 million to settle claims they secretly recorded phone calls with people.
- Why: The plaintiffs alleged the banks recorded conversations with potential customers without their permission.
- Where: The settlement occurred in Illinois federal court.
Fifth Third Bank, Vantiv Inc. and National Processing Co. will pay $50 million to settle class action claims that they secretly recorded phone calls with business owners without their permission.
The “unprecedented” motion for approval of the settlement was filed in an Illinois court on Mar. 12.
“The $50 million secured in this settlement is nearly double the $28 million achieved in the settlement with the Wells Fargo Defendants and nearly three times larger than the previous record settlement under the California Invasion of Privacy Act of $18 million,” the plaintiffs stated in the motion.
Class members would likely receive hundreds of dollars each from the settlement.
In the original class action lawsuit, a group of business owners alleged that banks including Fifth Third and Wells Fargo hired telemarketers International Payment Services LLC and Ironwood Financial LLC to sell credit card and debit card payment processing services to businesses across the country.
The companies called business owners asking about their monthly or annual credit or debit card sales volume, and recorded the calls without disclosing that the calls were recorded, the lawsuit alleges.
Wells Fargo Class Members Could Number Hundreds of Thousands
Those eligible for compensation include about 313,215 potential class members who received approximately 1,153,324 recorded phone calls between May 2014 and July 2016, the motion says. People can submit a claim of up to $5,000 for each call they received.
The named plaintiffs are Sat Narayan, Robert Meyer and Taysir Tayeh. They are each seeking compensation of $5,000 each.
Last year, Wells Fargo inked a $28 million settlement over similar claims that call recordings were made without the recipient’s consent.
The settlement comes after Fifth Third Bank agreed to pay a $5.2 million class action settlement to plaintiffs who alleged it breached its contract with account holders through its assessment of non-Fifth Third Bank ATM fees for balance inquiries made on out-of-network ATMS.
If you received a telemarketing call, a prerecorded message, or a text message from a company and you did NOT provide that company consent to do so, you may have a claim against that company for violating the TCPA. Attorneys are prepared to investigate your case and see if you have a claim (links to paid attorney content).
The plaintiffs are represented by Myron M. Cherry, Jacie C. Zolna, Benjamin R. Swetland, Jeremiah W. Nixon and Jessica C. Chavin of Myron M. Cherry & Associates LLC.
The Fifth Third Bank Class Action Settlement is Wang et al. v. Fifth Third Bank et al., Case No. 1:16-cv-11223, in the U.S. District Court for the Northern District of Illinois.
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