Settlement Structure: Claims Made
Active: OpenCase Summary:
This settlement resolves a class action about loans made in the name of American Web Loans (AWL) and other associated companies. The complaint alleged that AWL was not licensed to lend in any state, that it violated federal law by making loans at higher rates than allowed by state laws, did not adequately disclose the interest rates, total finance charges or repayment periods, and that AWL improperly required that borrowers allow electronic funds transfers for payments.Docket Number:
Company: American Web Loan, Inc.
Filing Deadline: November 3, 2020
Class Period: February 10, 2010 to June 26, 2020
Objection Deadline: September 21, 2020
Exclusion Deadline: August 10, 2020
Final Approval Hearing: October 21, 2020Proof of Purchase:
For loans taken out between February 10, 2010 and December 31, 2011, you must submit a claim form and supporting documentation. See the Notice and Claim Form. For loans taken out between January 1, 2012 and June 26, 2020, you will automatically receive an e-mail notification about payment options.Eligibility:
You may be eligible if you obtained a loan from AWL between February 10, 2010 and June 26, 2020.
You will not receive a cash payment, but you will receive other benefits if you
- Did not make any payments on your AWL loan, or did not repay the full principal on your AWL;
- Living in Utah or Nevada (which have no interest rate restrictions; or
- Took out your loan before January 1, 2012 and do not submit a claim form and provide the requested documentation.
Varies. For loans taken out between January 1, 2012 and June 26, 2020, your payment will depend on how much you paid in interest on your loan. You will get a proportionate share of the net settlement fund, not a full refund. See the settlement website to see if you are eligible for a cash payment. For loans taken out between between February 10, 2010 and December 31, 2011, depending on how much documentation you provide, you will receive either a flat $20 payment or a proportionate share of the net settlement fund. Some loans will receive awards via debt cancellation.
Total Settlement Amount: $141,000,000, incl. $65,000,000 in cash and approximately $76,000,000.00 in cancellationsClass Representative Proposed Incentive Fee:
Gravel & Shea PC
Case Name: Solomon, et al. v. American Web Loan, Inc., et al.
Settlement Website: American Web Loan Payday Loan Settlement Website
AB Data, Ltd.
AWL Settlement Class Administrator
c/o A.B. Data Ltd.
P.O. Box 170500
Milwaukee, WI 53217