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Great Plains, Others Excessive Interest Rates on Loans Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

This settlement resolves a class action against Kenneth Rees and a number of “payday loan” companies, including Sequoia, TCV, and National Credit Adjusters (NCA), for loans originating with Great Plains Lending, LLC, Plain Green, LLC, and MobiLoans, LLC. The latter three are companies supposedly owned by Indian tribes. This is a second settlement in a series of lawsuits alleging that these originators did not comply with federal and state laws, in that they charged excessive interest rates and in that they did not have the required licenses for lending.

The Pennsylvania Attorney General has also filed a separate lawsuit against Rees, NCA, and First Bank of Delaware. The first settlement was the Think Finance settlement, based on class actions against Think Finance, LLC and Plain Green, LLC, which was approved in 2019.

Docket Number:

3:20-cv-717, 3:19-cv-789

Company: Great Plains Lending LLC

Filing Deadline: January 1, 2100

Objection Deadline: February 12, 2021

Exclusion Deadline: February 12, 2021

Final Approval Hearing: March 25, 2021

Proof of Purchase:

This settlement provides a complex series of benefits, depending on when you took out a loan, who originated or issued the loan, whether you paid it off, and so on. If you want to get a cash refund from NCA, you must provide certain documentation and submit the NCA Refund Request Form at the settlement website (https://www.thinkfinancesettlement.com/refundrequest.aspx). For other benefits, read the Notice at https://www.thinkfinancesettlement.com/pdf/class%20notice.pdf for details. If you did not receive a notice for this settlement, but think you may be a class member, contact the settlement administrator.

Eligibility:

You may be eligible if you obtained any of the following:

- A loan from Great Plains Lending
- A loan from Plain Green, before June 1, 2016
- A cash advance, before May 6, 2017, in connection with a line of credit from MobiLoans

If you received a Notice of the settlement, you will be considered a class member unless you exclude yourself.

Note that while some of the benefits of this settlement will be distributed automatically, the deadline to request a refund from NCA will be 90 days after the settlement is approved by the court. (The hearing as to whether to grant approval is currently scheduled to take place on March 25, 2021.)

Typical Settlement Amount:

This settlement provides a number of benefits, but they are not the same for all class members. What you can receive depends on a number of factors, such as who issued or originated the loan, when it was issued, whether you paid it back, what your interest rate was, what state you live in, and so on. The benefits include (1) cancellation of what you owe, (2) one or more cash payments, (3) other benefits in place of a cash payment, (4) possible future benefits. For more details, see the Notice at https://www.thinkfinancesettlement.com/pdf/class%20notice.pdf.

Total Settlement Amount: $57,355,063.35 in cash payments

Class Representative Proposed Incentive Fee:

$7,500

Law Firms:
Consumer Litigation Associates PC
Kelly Guzzo PLC
Tycko Zavareei

Claim Form: Cash Award Eligibility & Address Change

Case Name: Gibbs v. Rees, Gibbs v. TCV V, LP

Settlement Website: Great Plains, Others Excessive Interest Rates on Loans Settlement Website

Claims Administrator:
RSM, LLP

Claims Administrator Contact Information:

Think Finance Settlement
c/o RSM, LLP
P.O. Box 1387
Blue Bell, PA 19422

Tags: Excessive Interest Rate, Loan-Related Unfair Practices, Not Licensed to Make Loans, Payday Loans