Automotive lender Bay Federal Credit Union agreed to settle a repossession class action settlement, which received final approval in December 2009. Stephens v Bay Federal Credit Union (San Francisco Superior Court). Distribution will occur shortly after the time for appeals has passed. The settlement received preliminary approval in July 2009 and Class Notice was mailed. There were no objections and no appeal or other delay is expected.
Class members are California consumers (1) who purchased a motor vehicle in California and as part of that transaction entered into a purchase contract with any person or entity which contract was later assigned to Bay Federal Credit Union; (2) whose motor vehicle was repossessed or voluntarily surrendered in California, and was not reinstated or redeemed; and (3) who were issued a Notice of Intent to Sell Motor Vehicle at any time between August 4, 2004 to January 13, 2009.
This definition describes a class of approximately 711 members. There are two categories of class members. Those who have paid some or all of the money Bay Federal claimed was owing as a deficiency and those who did not pay anything. Bay Federal agreed to pay back those who had paid, for a total of about $41,150 in refunds. In addition, Bay Federal further agreed to forgive and not to pursue collection of the outstanding deficiencies, which amounts to approximately $5,159,515.
Notice was sent to all class members. In December 2009, Judge Peter Busch of the San Francisco Superior Court issued final approval of this settlement. Class members entitled to a cash refund should get their checks in early 2010. As always, class members should cash the checks immediately, because of a stale date after which the checks are no longer valid. Bay Federal Credit Union further agreed to instruct the major credit reporting companies to delete the class members’ negative trade lines concerning the affected accounts. Class members entitled to deficiency waiver should check their credit reports.
Bryan Kemnitzer and Nancy Barron brought this case with co-counsel Alec Trueblood of Los Angeles in order to enforce important consumer protection laws involving fair debt practices and automotive lending. Class members received substantial benefits through use of the class action device. If you think you have been the victim of unfair or unlawful repossession practices, contact us.
Consumer Class Action Settlement in Stephens v Bay Federal Credit Union
Automotive lender Bay Federal Credit Union agreed to settle a repossession class action settlement, which received final approval in December 2009. Stephens v Bay Federal Credit Union (San Francisco Superior Court). Distribution will occur shortly after the time for appeals has passed. The settlement received preliminary approval in July 2009 and Class Notice was mailed. There were no objections and no appeal or other delay is expected.
Class members are California consumers (1) who purchased a motor vehicle in California and as part of that transaction entered into a purchase contract with any person or entity which contract was later assigned to Bay Federal Credit Union; (2) whose motor vehicle was repossessed or voluntarily surrendered in California, and was not reinstated or redeemed; and (3) who were issued a Notice of Intent to Sell Motor Vehicle at any time between August 4, 2004 to January 13, 2009.
This definition describes a class of approximately 711 members. There are two categories of class members. Those who have paid some or all of the money Bay Federal claimed was owing as a deficiency and those who did not pay anything. Bay Federal agreed to pay back those who had paid, for a total of about $41,150 in refunds. In addition, Bay Federal further agreed to forgive and not to pursue collection of the outstanding deficiencies, which amounts to approximately $5,159,515.
Notice was sent to all class members. In December 2009, Judge Peter Busch of the San Francisco Superior Court issued final approval of this settlement. Class members entitled to a cash refund should get their checks in early 2010. As always, class members should cash the checks immediately, because of a stale date after which the checks are no longer valid. Bay Federal Credit Union further agreed to instruct the major credit reporting companies to delete the class members’ negative trade lines concerning the affected accounts. Class members entitled to deficiency waiver should check their credit reports.
Bryan Kemnitzer and Nancy Barron brought this case with co-counsel Alec Trueblood of Los Angeles in order to enforce important consumer protection laws involving fair debt practices and automotive lending. Class members received substantial benefits through use of the class action device. If you think you have been the victim of unfair or unlawful repossession practices, contact us.