Settlement Structure: Claims Made
Active: Open
Case Summary:Red Rocks Credit Union (RRCU) is paying nearly $400,000 to settle a class action about GAP protection refunds. The complaint alleged that, when vehicle loans were paid off early, RRCU did not automatically refund the unused portion of GAP protection amounts.
Docket Number:2020CV32226
Company: Red Rocks Credit Union
Filing Deadline: January 1, 2100
Class Period: October 1, 2014 to July 1, 2020
Objection Deadline: August 4, 2022
Exclusion Deadline: August 4, 2022
Final Approval Hearing: September 8, 2022
Proof of Purchase:You do not have to provide proof.
Eligibility:You may be eligible if you are a person (1) whose finance agreement with GAP protection were governed by Colorado law and made with or assigned to RRCU (2) who refinanced or paid off their finance agreement before their original maturity date, (3) whose early payoffs occurred between October 1, 2014 and July 1, 2020, and (4) who did not receive a GAP refund from RRCU before the filing of this lawsuit on July 1, 2020.
Typical Settlement Amount:Benefits: (1) GAP refunds: After the lawsuit was filed, RRCU paid GAP refunds to class members by either mailing them a check for the amount of the refund or depositing the refund in the person’s RRCU account. (2) Changes in business practices: RRCU made changes to its refund policies and procedures to ensure that customers receive their refunds within a reasonable time after early payoffs.
Total Settlement Amount: $393,522.10
Class Representative Proposed Incentive Fee:$500
Law Firms:
Frank Sims Stolper LLP
Franklin D Azar and Associates PC
Case Name:
Settlement Website: Red Rocks Credit Union GAP Refunds Colorado Settlement Website
Claims Administrator:
Atticus Administration
RRCU GAP Settlement
c/o Atticus Administration
PO Box 64053
St. Paul, MN 55164
RRCUGapSettlement@atticusadmin.com
888-205-6166