Settlement Structure: Claims Made
Active: OpenCase Summary:
BlueChip Financial, ZestFinance, Inc., and Douglas Merrill are settling class actions involving loans made by BlueChip, which does business as Spotloan. The complaint alleged that the loans were made (a) at interest rates greater than those permitted by state laws, or (b) by lenders who did not have a license to lend, and that the loans were therefore illegal, deceptive, or unfair and violated state and federal laws.Docket Number:
Company: BlueChip Financial
Filing Deadline: January 1, 2100
Class Period: January 1, 2012 to October 31, 2018
Objection Deadline: May 26, 2020
Exclusion Deadline: May 26, 2020
Final Approval Hearing: June 30, 2020Proof of Purchase:
If you received a notice in the mail, you do not need to file a complaint. Presumably company records are being used for verification.Eligibility:
You may be eligible if you got a loan from Spotloan between January 1, 2012 and October 31, 2018.Typical Settlement Amount:
Varies. (1) Loan Forgiveness and Credit Report Removal: Loans made during the class period that were owned by BlueChip as of December 31, 2019 will be adjusted to a zero balance; BlueChip has agreed to request that consumer reporting agencies delete these loans if any payment was previously reported as not being paid on time. (2) Refunds: Amounts of refunds, if any, will depend on your state’s laws, whether you repaid the principal of the loan, and the amount you paid on the loan. Note that you will not get a full refund but a proportionate share of the $18.5 million fund.
You will not receive a cash refund if you are in any of these groups:,
Tier 1: Lived in AZ, AR, CO, CT, ID, IL, IN, KS, KY, MA, MN, MT, NH, NJ, NM, NY, NC, PA, OH, SD, VT, VA, WI and did not make payments above the principal amount (the amount you borrowed).
Tier 2: Lived in AL, AK, CA, DE, FL, GA, HI, IA, LA, ME, MD, MI, MS, MO, NE, ND, OK, OR, RI, SC, TN, TX, WA, WV, WY, or Washington, DC and did not pay interest above your state’s legal limits for the loan. (See the limits for these states at https://www.bcfsettlement.com/pdf/TIER%202%20USURY%20RATES%20BY%20STATE.pdf.)
Tier 3: Lived in UT or NV.
Total Settlement Amount: $18,500,000 for refundsClass Representative Proposed Incentive Fee:
Berger & Montague
Consumer Litigation Associates PC
Gupta Wessler PLLC
Kelly Guzzo PLC
Terrell Marshall Daudt & Willie PLLC
Case Name: Turner, et al. v. ZestFinance, Inc., et al.
Settlement Website: Spotloan Loans Excessive Interest Rate Settlement Website
RSM US LLP
c/o RSM US LLP
PO Box 1367
Blue Bell, PA 19422
1 (833) 535-0557