settlement update: February 27, 2014
The Court entered an order and judgment finally approving the Settlement with Vectra Bank Colorado, N.A. in In Re: Barlow v. Zions Bancorporation, Case No. 2:11-cv-00929-BSJ. The Effective Date of the Settlement is expected to occur on March 20, 2014. Settlement benefits will be distributed to class members after the Effective Date either through the issuance of an account credit (for current accountholders) or by mailed check (for former accountholders).
UNITED STATES COURT FOR THE DISTRICT OF UTAH
If You Paid Overdraft Fees to Vectra Bank Colorado, N.A.,
You May Be Eligible for a Payment from a Class Action Settlement.
• A $662,021.90 Settlement has been reached in a class action lawsuit claiming that Vectra Bank Colorado, N.A. (“Vectra”) and Zions Bancorporation (“Bancorp”) improperly posted debit card transactions from highest to lowest dollar amount to increase the number of overdraft fees charged to account holders. Vectra and Bancorp maintain there was nothing wrong with the posting process used. The Court has not decided which side is right.
• Current and former holders of Vectra deposit accounts may be eligible for a payment or account credit from the Settlement Fund.
• Your legal rights are affected whether you act or do not act.
Summary of Your Legal Rights and Options in This Settlement
|Summary of Your Legal Rights and Options in This Settlement
|Receive a Payment or Account Credit
||You do not have to do anything to get a payment or account credit from the Settlement. If the Court approves the Settlement and it becomes final and effective, all identifiable Settlement Class Members who remain in the Settlement Class will automatically receive a payment or account credit.
|Exclude Yourself from the Settlement
||Get no benefits from the Settlement. This is the only option that allows you to retain your right to bring any other lawsuit against Vectra about the claims in this case.
||Write to the Court and the lawyers for both sides if you do not like the Settlement. The Court will consider your objection in determining whether to approve the Settlement.
|Go to a Hearing
||Ask to speak in Court about the fairness of the Settlement.
||You will receive any payment or account credit to which you are entitled, and give up your rights to participate in further litigation against Vectra about the claims in this case.
• The notice explains these rights and options and the deadlines to exercise them.
• The Court in charge of this case still has to decide whether to approve the Settlement. If it does, and any appeals are resolved, benefits will be distributed to those who qualify. Please be patient.