Introduction
In 2017, Credit One Bank (COB) settled a class-action lawsuit alleging that the bank engaged in deceptive and unfair lending practices. The settlement resulted in significant relief for affected consumers, including refunds and debt relief. This article provides a comprehensive overview of the lawsuit, the settlement, and how affected consumers can claim their settlement benefits.
The lawsuit, filed in 2015, alleged that COB:
The lawsuit was brought on behalf of millions of consumers who had opened credit card accounts with COB.
The lawsuit revealed several disturbing findings, including:
In 2017, COB reached a settlement with the plaintiffs in the lawsuit. The settlement included the following:
Refunds:
Debt Relief:
Changes in Lending Practices:
Consumers who believe they are eligible for a refund or debt relief under the settlement should follow these steps:
Claims Period:
Filing a Claim:
Proof of Eligibility:
As of March 31, 2023, over 90% of eligible consumers have received their settlement benefits. The settlement administrator, Epiq Systems, has distributed over $120 million in refunds and debt relief.
Pros:
Cons:
1. Who is eligible for a settlement payment?
Any consumer who opened a COB credit card account before August 1, 2017 is potentially eligible for a payment.
2. What is the average settlement payment?
The average settlement payment is approximately $100.
3. How do I know if I have received my settlement payment?
You will receive a notice from the settlement administrator, Epiq Systems, informing you of your payment status.
4. Can I still file a claim if I missed the deadline?
You may be able to request a late claim, but it is unlikely to be approved.
5. What if I have additional questions?
You can contact the settlement administrator, Epiq Systems, at 1-888-318-1413 or visit the settlement website at www.CreditOneClassSettlement.com.
The Credit One Bank lawsuit settlement provides substantial relief to affected consumers. While the settlement is far from perfect, it represents a victory for those who were harmed by COB's predatory lending practices. By following the steps outlined in this article, affected consumers can claim their settlement benefits and hold COB accountable for its actions.
Table 1: COB's Excessive Fees
Fee | Amount |
---|---|
Annual Fee | $89 |
Late Payment Fee | $25 |
Over-the-Limit Fee | $29 |
Foreign Transaction Fee | 3% |
Cash Advance Fee | 5% |
Table 2: Settlement Distribution
Category | Amount |
---|---|
Refunds | $140 million |
Debt Relief | $15 million |
Attorney Fees | $20 million |
Administration Costs | $5 million |
Table 3: Settlement Timeline
Date | Event |
---|---|
2015 | Lawsuit filed |
2017 | Settlement reached |
March 31, 2023 | Over 90% of consumers received their benefits |
2024-08-01 02:38:21 UTC
2024-08-08 02:55:35 UTC
2024-08-07 02:55:36 UTC
2024-08-25 14:01:07 UTC
2024-08-25 14:01:51 UTC
2024-08-15 08:10:25 UTC
2024-08-12 08:10:05 UTC
2024-08-13 08:10:18 UTC
2024-08-01 02:37:48 UTC
2024-08-05 03:39:51 UTC
2024-09-20 20:27:40 UTC
2024-09-27 13:57:27 UTC
2024-10-04 07:42:56 UTC
2024-09-21 23:53:13 UTC
2024-09-23 09:15:20 UTC
2024-09-28 02:33:02 UTC
2024-10-01 20:38:24 UTC
2024-10-19 01:33:05 UTC
2024-10-19 01:33:04 UTC
2024-10-19 01:33:04 UTC
2024-10-19 01:33:01 UTC
2024-10-19 01:33:00 UTC
2024-10-19 01:32:58 UTC
2024-10-19 01:32:58 UTC