A major settlement has been reached in a class action lawsuit against mortgage lender LoanDepot, paving the way for thousands of eligible customers to receive compensation. However, those affected must act quickly to secure their share of the $1.025 million payout.
What Led to the Settlement?
The lawsuit, filed in San Francisco, accused LoanDepot of violating the Federal Electronic Funds Transfer Act. It alleged that the company withdrew money from customers’ bank accounts without obtaining the required written authorization.
According to legal documents, the number of impacted individuals is estimated to be in the tens of thousands. While LoanDepot has not admitted any wrongdoing, it has agreed to the settlement to resolve the matter.
Who Is Eligible?
The settlement covers LoanDepot customers who experienced recurring automatic withdrawals from their bank accounts between September 21, 2021, and October 6, 2023, without receiving a copy of the authorization for those transactions.
How Much Will Claimants Receive?
All approved claimants will receive a one-time payment via check, but the exact amount will vary. Those who had funds withdrawn more frequently will likely receive a larger payout. The final distribution amounts will be determined after all claims have been reviewed.
Also Read – Monthly HOA Fees Surge to $3,371, Homeowners Struggle with Skyrocketing Costs
How to File a Claim
To receive compensation, affected individuals must submit a valid claim form by March 3, 2025. Forms can be filed through the official settlement website.
A final court hearing is scheduled for April 21, 2025, after which payments will be sent out.
Other Settlements to Watch
Several other class action settlements are currently available, including:
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Mulkay Cardiology Data Breach Settlement: Nearly 80,000 patients in New Jersey may be eligible for a payout after a data breach exposed their protected health information. The company has agreed to a settlement but has not admitted fault.
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Apple Watch Settlement: Some Apple customers could receive a portion of a $20 million settlement related to claims that certain models of the Apple Watch are prone to defects. In many cases, proof of purchase is not required to file a claim.
If you believe you are eligible for any of these settlements, be sure to check the respective deadlines and file your claim before time runs out.
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