If you owned property repossessed by Electro Savings Credit Union, you could get valuable benefits from a class-action settlement.
A court authorized this notice. This is not a solicitation from a lawyer.
- You may be eligible to participate in a settlement with benefits, including money, the cancellation of certain debts, and the deletion of certain negative credit information from credit reports for all persons with a secured collateralized loan or financing agreement with Electro Savings Credit Union (“Credit Union”) and the collateral was repossessed in the period of January 7, 2013 to the present were mailed a Notice of Our Plan to Sell Property and/or a Personal Property Letter (“presale notice”) in the form of or substantially similar to the form mailed to Class Representative Kristie Morris on March 7, 2017, or mailed to Class Representatives Scott Reichert and Amy Fletcher on May 10, 2018 and/or a post-sale notice in the form of or substantially similar to the notice mailed to Morris on July 20, 2017 or to Reichert and Fletcher on July 27, 2018. The settlement resolves a lawsuit over whether Credit Union sent proper notices to you in connection with attempting to collect your loan and repossessing and selling your property. This settlement avoids costs and risks to you from the lawsuit; provides benefits to borrowers like you; and releases Credit Union from liability.
- The parties disagree on whether the borrowers could’ve won and the amount of money they would’ve been entitled to had they won.
- Your legal rights are affected whether you act or don’t act. Read this notice carefully.
- Consult your tax adviser about the tax issues associated with this settlement. Relief provided under this settlement, including money and debt reduction, may be subject to tax.
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Your Legal Rights and Options in this Settlement |
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Do Nothing |
By doing nothing, you will receive the benefits that come from the settlement, including money. But you give up rights to separately sue Credit Union about the same legal claims asserted. |
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Exclude Yourself |
Get no money or benefits. This is the only option that allows you to ever be part of any other lawsuit against Credit Union about the legal claims. |
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Object |
Write to the Court about why you don’t like the settlement. |
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Go to a Hearing |
Ask to speak in Court about the fairness of the settlement. |
- These rights and options—and the deadlines to exercise them—are explained in this notice.
- The Court must still decide whether to approve the settlement. Money and benefits will be provided if the Court approves the settlement and after any appeals are resolved. Please be patient.