Settlement Information
Plaintiffs allege that loanDepot.com, LLC debited funds from consumers’ bank accounts on a reoccurring basis during the Class Period without providing copies of the written authorization to make a preauthorized electronic funds transfer. loanDepot.com, LLC denies all of the claims and allegations in the Action. The Court has not ruled on the merits of the claims. The parties have decided to settle the case without a trial, and the settlement is pending the Court’s approval.
The settlement, if approved by the court, will entitle Settlement Class Members to a pro rata share of the Settlement Fund made available through the common fund of $1,025,000, less deductions for Class Counsel’s attorneys’ fees, litigation costs, incentive awards to Plaintiffs Jamie Jweinat and Richard Lechleitner for serving as Class Representatives, and Settlement Administration Costs, which will all be paid out of the Settlement Fund.
Who Is a Class Member?
You are included in the Settlement Class if you are a person in the United States whose bank account was debited on a reoccurring basis by loanDepot.com, LLC without your being provided a copy of the authorization to make a preauthorized electronic fund transfer between September 21, 2021 and October 6, 2023, inclusive (“Class Period”), and you are not loanDepot.com, LLC, its employees, officers, or directors, or the Court staff or judge(s) assigned to this matter.
Your Legal Rights and Options
Option and Deadline |
Your Legal Rights |
Do Nothingno deadline |
If you do nothing, you will not receive settlement benefits and you will give up your rights to sue for the claims this settlement resolves. |
Submit a Claimby March 3, 2025 |
Submitting a Claim Form is the only way that you can receive settlement benefits provided by this settlement. If you submit a Claim Form, you will give up the right to sue in a separate lawsuit about the legal claims this settlement resolves. |
Exclude Yourself or Opt Outby January 15, 2025 |
This is the only option that allows you to sue, continue to sue, or be part of another lawsuit the Defendant for the claims this settlement resolves. If you exclude yourself, you will give up the right to receive settlement benefits from this settlement. |
Object to the Settlementby January 15, 2025 |
You may object to the settlement by writing to the Court and informing it why you do not think the settlement should be approved. If you object, you may also file a Claim Form to receive settlement benefits, but you will give up the right to sue in a separate lawsuit about the legal claims this settlement resolves. |
Attend the Fairness HearingApril 21, 2025 at 9:30 a.m. |
You may attend the Final Fairness Hearing where the Court may hear arguments concerning approval of the settlement. If you wish to speak at the Final Fairness Hearing, you must make a request to do so in your written objection or comment. You are not required to attend the Final Fairness Hearing. |
Dates and Deadlines
Claims Deadline
March 3, 2025
Exclusion Deadline
January 15, 2025
Objection Deadline
January 15, 2025
Fairness Hearing
April 21, 2025