Mwangi v. Service 1st FCU

NO. 2019-792

www.Service1stRepoSettlement.com

You may be entitled to receive a settlement payment and cancellation of any Deficiency Balance in connection with a class action against Service 1st Federal Credit Union

  • This settlement resolves a lawsuit over whether Service 1st Federal Credit Union (“S1FCU”) sent borrowers proper notice of their rights after vehicle repossession.
  • S1FCU denies and disputes the claims asserted in the Litigation. The parties disagree about whether any money (and if so, how much) could have been awarded to you if the Plaintiff were to prevail at trial. The settlement avoids the costs and risks to members of the Class like you from continuing with the lawsuit, and provides relief to the Class.
  • This settlement will: (a) provide a gross fund of $2,000,000 to be distributed to Class Members after payment of administrative costs, Class Counsel fees and costs, and a service award to Plaintiff; (b) forgive post-repossession Deficiency Balances of approximately $1,661,000; and (c) require S1FCU to request credit reporting agencies to delete your auto loan history from your credit report, in accordance with the proposed Class Action Settlement Agreement.
  • Your rights are affected whether you act or not. Read the Notice carefully.
Your Legal Rights and Options in this Settlement
Do Nothing If the settlement is approved by the Court as presented, any post-auction deficiency balance will be forgiven, and S1FCU will request the credit reporting agencies to delete Class Members loan history from their credit report. Class Members will also be paid a share of the net settlement proceeds, approximately $2,000 per loan. Members of the Deficiency Notice Subclass will be paid an additional amount of approximately $176 per loan, for a total of approximately $2,176 per loan.
 
Exclude Yourself Get no payment. This is the only option that allows Class Members to ever be part of any other lawsuit against S1FCU concerning repossession or financing of their vehicle. Act by September 16, 2021.
Object Write to the Court about why you don’t like the settlement and do not want it approved. Act by September 16, 2021.
Go to a Hearing Ask to speak in Court about the fairness of the settlement on October 15, 2021.
  • These rights and options – and the deadlines to exercise them – are explained in the Notice.
  • The Court in charge of this case still has to decide whether to approve the settlement. Payments will be made if the Court approves the settlement and after any appeals are resolved. Please be patient.
  • For more information or to review key documents or the Class Action Settlement Agreement, please see the Important Documents page.
www.service1streposettlement.com • 833-215-9289 • questions@service1streposettlement.com