The Court has granted Final Approval to this class action settlement on May 19, 2020. The Final Order may be found under Important Court Documents or by clicking here.
You may be entitled to receive a settlement payment and cancellation of any Deficiency Balance in connection with a class action against
Pennsylvania State Employees Credit Union
A Pennsylvania Court has authorized this notice.
This is not a solicitation from a lawyer.
You are not being sued.
- This settlement resolves a lawsuit over whether Pennsylvania State Employees Credit Union (“PSECU”) sent borrowers proper notice of their rights after vehicle repossession.
- PSECU 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 $16,000,000 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 $36,000,000, and (c) require PSECU to request credit reporting agencies to delete your loan from your credit report, in accordance with the proposed Class Action Settlement Agreement.
Settlement checks must be cashed or deposited by October 30, 2020. Failure to cash or deposit settlement checks by October 30, 2020 may cause you to lose the right to the funds forever; under the Court approved terms of the settlement.
Class members will receive a 1099-MISC in January 2021 if they receive more than $600.00.
The Court has approved the law firm of Flitter Milz, P.C., in Narberth (Montgomery County), PA to represent the Class Members in this matter.
If you have specific questions about the settlement you can reach the settlement administrator by emailing [email protected] or calling 833-404-4963.