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Valley National Bancorp settles litigation claims

Wayne, N.J.-based Valley National Bancorp settled all litigation claims brought against unit Valley National Bank by Merrick Bank Corp., American Express Travel Related Services Co. Inc. and JetPay Merchant Services LLC in April.

The claims were in connection with the chargebacks incurred by the plaintiffs, following Direct Air's bankruptcy. Valley National was serving as the depository bank for the charter operator.

Merrick, as the merchant bank for Direct Air, had incurred chargebacks of roughly $26.2 million when the carrier folded.

As reported earlier, JetPay and Valley National Bank agreed to settle negligence claims against the bank for nearly $2.2 million.

The cases were consolidated in the Federal District Court of New Jersey, according to Valley National's latest quarterly report.