Following several years of litigation, HSBC Bank has agreed to pay $2.4 million to settle a class action lawsuit from consumers who said they received spam phone calls from the company.
Originally filed in 2015, the suit claimed that HSBC violated the Telephone Consumer Protection ACT (TCPA) by using an automatic dialing system to call plaintiffs on their cell phones. The law, which was passed in 1991, protects consumers from calls using these systems, as well as fax, SMS, and pre-recorded voice messages.
Over 160,000 class members were sent notices of the judgment in the mail, and another 70,000 have received emails about the suit. The judgment notes that class members would have received around $60 each when preliminary approval was granted for the settlement. However, that number has now bumped up to approximately $92 for each class member who submitted a claim form.
“The court finds that the Settlement Agreement is fair, adequate and reasonable, appears to be the product of arm’s-length and informed negotiations, and treats all members of the class fairly,” the settlement order states.