What does the settlement provide?

This settlement is with Defendants Rapid Financial and Cache Valley Bank ("Defendants"). Claims brought against Defendant Keefe Commissary were previously resolved. The entire settlement agreement can be found by clicking here. Its terms are summarized below:

1. Payment Amount. Defendants agree to pay up to $11.6 million, which will be used to (a) reimburse eligible class members for the fees they paid through the release card and other damages, (b) pay attorney's fees and reimbursement of costs and expenses to the lawyers who represent the class, if approved by the court, and (c) make payments to the two class representative for their effort and work in representing the class and assisting class counsel, if approved by the court.

2. How much money will I receive? You can receive a maximum of $15 plus three times the amount of fees you paid under the release card. For example, if you paid six dollars total in fees, you could receive up to $33 from the settlement ($15 + 3 X $6 = $33). If $11.6 million is insufficient to pay these amounts for all claims after payment of attorney's fees, payments to class representatives, and expenses, the amount available for payment of claims will be divided pro-rata among those submitting valid claims. If all persons submitting valid claims are paid in full and there is money left in the settlement fund, the remaining amount will be distributed to non-profit organizations approved by the Court.

3. Your obligation. If you agree to this settlement and submit a claim, and the settlement is approved, all actual or potential claims you may have against Defendants regarding release cards will be dismissed, and you will not be permitted to file a lawsuit or arbitration based on those claims in the future. If you are also a member of the class in the Watkins case in Nevada, your claims in that case will also be released. You also agree that the criteria for distributing payments to class members is governed by the terms of the settlement agreement.

4. Amount of attorney's fees. Class counsel anticipates seeking a fee award equal to 30% of the Settlement Fund plus reimbursement of costs and expenses paid by them in connection with this lawsuit and expenses incurred in providing notice and administering this settlement. These payments must be approved by the Court. A copy of the request that will be submitted by counsel will be posted to this website by November 6, 2023.

5. Amount of payment to class representatives. Class counsel anticipates asking for approval of $20,000 for each of the two class representatives.  The Court must also approve these awards. 

6. Your right to comment on settlement. You have the right to comment on the amount of attorney's fees that may be awarded by the Court, the amount of the payments to class representatives by the Court, or any other aspect of the settlement agreement. Any comment or objection to the settlement must be submitted in writing to the Court and class Counsel at the addresses below. You may also voice those objections or comments at the hearing to consider whether the settlement should be approved on December 18, 2023 at 2:30 p.m. at the United States Courthouse, 1717 Pacific Ave., Tacoma, WA 98402. if you plan to attend that hearing, you must submit a written notice to the Court and to class Counsel at the addresses below with your name, address, and a description of your comment or objection. All comments, objections, and notices of attendance at the hearing must be received no later than December 4, 2023.

7. Court address. Your written comments or objections regarding the settlement must be mailed to: Clerk’s Office, U. S. District Court, 1717 Pacific Ave., Tacoma, WA 98402. Your letter should state at the beginning that it pertains to a hearing on December 18, 2023, at 2:30 p.m. to consider a settlement in Reichert v. Rapid Financial, Case No. 3:17-cv-05848-BHS.

8. Class Counsel address. Notice to Class Counsel may be submitted by mail to Release Card Settlement, 3101 Western Ave., Suite 350, Seattle, WA 98121, or by email to releasecard@sylaw.com. 

 

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