fbpx

GE Capital Bankruptcy Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

GE Capital Consumer Lending, Inc. and GE Capital Retail Bank (GECRB, formerly known as GE Money Bank, now known as Synchrony Bank) is paying more than $8 million to settle a class action, brought on behalf of people who discharged their debs to it via a Chapter 7 bankruptcy. The complaint alleged that GECRB did not update its credit furnishing for credit card accounts sold to buyers of its debt after the debts were discharged in the bankruptcy proceedings. This left customer accounts showing unpaid debts and may have pressured some customers into paying amounts already discharged because the debts showing as unpaid could negatively affect their creditworthiness.

Docket Number:

14-08223

Company: GE Capital Retail Bank

Filing Deadline: January 28, 2022

Class Period: January 1, 2008 to April 1, 2015

Objection Deadline: January 28, 2022

Exclusion Deadline: January 28, 2022

Final Approval Hearing: February 10, 2022

Proof of Purchase:

No proof is needed to submit a Distribution Claim. You do need to provide proof to submit a Reimbursement Claim.

Eligibility:

You may be eligible if you are an individual (1) who maintained a GECRB card account, (2) your debt related to that account was charged off and then sold to a debt buyer between January 1, 2008 and April 1, 2015, and (3) after the sale, obtained a discharge of the debt as a result of a Chapter 7 bankruptcy, through April 1, 2015, at a time when an entry referencing the GECRB debt was on your credit report.

If you are a member of the class, you may submit a form for a Distribution Claim. If you are a member of the class who made a payment on the account after it was discharged, you may also submit a form for a Reimbursement Claim.

Typical Settlement Amount:

Two types of benefits are available. Reimbursement Claim: If you made a payment on your sold GECRB credit card account after that debt was discharged in a Chapter 7 bankruptcy, and that payment has not been returned, you may be entitled to up to a full refund of the payment made. (Final amounts may be less and will depend on the number and amounts of valid claims submitted.) Distribution Claim: Pro rata share of the remaining net settlement fund, capped at $175 per cardholder.

Total Settlement Amount: $8.455 million

Class Representative Proposed Incentive Fee:

$10,000

Law Firms:
Boies Schiller and Flexner LLP
Charles Juntikka & Associates

Claim Form: GE Capital Credit Card Bankruptcy Settlement Claim Forms

Case Name: Belton v. GE Capital Consumer Lending, Inc.

Settlement Website: GE Capital Credit Card Bankruptcy Settlement Website

Claims Administrator:
BrownGreer, plc

Claims Administrator Contact Information:

Belton GE Capital Settlement Program
Settlement Administrator
P.O. Box 26525
Richmond, VA 23261
877-654-1125

Tags: Attempt to Collect Debt Discharged in Bankruptcy, Bankruptcy, Credit Cards, Unlawful Debt Collection