Credit One Bank agreed to resolve the class action lawsuit with a $14 million settlement fund. Credit One bank customers who have received robocalls can check the settlement details here to receive the compensation.
Credit One Class Action Lawsuit Settlement
The largest credit card issuer, Credit One Bank, has faced a class action lawsuit alleging that the bank has violated the Telephone Consumer Protection Act (TCPA) as it called the users via automated calls without their permission.
The bank has contacted customers through robocalls for debt collection, and they targeted bank customers, including people who are not related to the bank. The lawsuit claims the robocalls continued even when the users asked to stop such calls, which violated the law.
The bank has agreed to resolve the class action lawsuit with a settlement fund of $14 million without admitting any wrongdoing. The federal court approval for the Credit One settlement is pending, so there is no date for the claim process yet.
Who will receive the Credit One Settlement Payout?
As per the class action settlement against Credit One Bank, the class members would need to meet the following conditions to file the claim form for the settlement:
- If you have received the automated calls or pre-recorded messages from Credit One related to marketing or debt collection without your consent during the class period.
- The class period for the Credit One settlement is between 2014 and 2019.
How much settlement payout can you expect from the Credit Once settlement?
The Credit One Bank has agreed to the $14 million settlement fund, which will be used for compensation and other expenses. The compensation to the class members of the Credit One class action settlement will be processed after the administrator deducts the administration fees, attorney’s fee & costs, and other expenses.
The remaining funds will be used for the settlement payout to compensate the class members who will file the claim. The amount that each valid claimant will receive will depend on the net settlement fund, the number of claims, and other factors.
According to the reports, the payout per person under this settlement would be around $1000 for people who filed the claim with proper documentation of their phone records and proof. This amount is speculation, so the payout amount can be lower depending on the court-approved payouts and other factors.
What will be the claim process for the Credit One Class action settlement?
The claim process of the Credit One class action settlement is not out yet, as the settlement website is not public yet; however, based on the typical proceedings of the class action settlement, you can claim the payout online in the following steps:
- Visit the Credit One settlement website whenever it is released.
- Now, click the Submit Claim option and enter your claim number or ID, which you received in the settlement notice.
- Next, you can access the claim form and fill it out with valid details.
- Once you have filled out the claim form, submit it on the settlement website before the deadline.
The class members can also file the claim form through offline ways and post the claim form to the settlement administrator’s postal address, which will be revealed later when the court assigns an administrator and the administrator releases the website.
When can you expect the Credit One settlement payout?
The Credit Once class action settlement is yet to have court approval and the settlement website. The settlement timeline, such as claim deadline, final approval hearing, or exclusion deadline, will be revealed later when the administrator begins the claim process.
Once you have the final approval hearing date, you can estimate the payment timing as the payout can be processed in 90 to 180 days after the court approval. If someone appeals against the court decision, you may have to wait longer for the payout, as the administrator cannot process the payment until the appeals are resolved.
Credit One Bank will pay $14 million to resolve the litigation over TCPA violations. Now, the affected users should wait for the settlement administrator to start the claim process and set a deadline to file the claim on time and ensure their candidature for the settlement payout of up to $1000.