In the United States, individuals who bought loanDepot, Inc. common stock pursuant and traceable to loanDepot’s February 16, 2021, Initial Public Offering, and between March 16, 2021, to 22 September 2021, inclusive (the Class Period) can receive a portion from the Class Action Settlement funds.
Qualifying individuals who submitted a valid claim form before the claim submission deadline of April 24, 2024 can expect to receive the settlement benefit amount shortly after the resolution of filed appeal. If you will not receive your settlement payout amount on time then it is advised to you please contact with officials by calling at (855) 999-9077.
LoanDepot Class Action Lawsuit Payout Date
The LoanDepot Class Action Lawsuit was already approved by the Court. The Final Judgment was also entered on May 24, 2024. But, on June 18, 2024, an Appeal was filed with the Ninth Circuit Court of Appeals. So qualifying individuals cannot receive their settlement payout amount until this Appeal is decided.
There is no exact timetable for the resolution of an Appeal, so it is suggested to you please wait patiently, because an appeal resolution process can take over a year. Once the appeal of this class action lawsuit is resolved,qualifying individuals can get their settlement funds within a few days to weeks.
LoanDepot Class Action Lawsuit payout method
The qualifying individuals of LoanDepot Class Action Lawsuit payout wants to know how they can get their payout amount. It is important to know that your Settlement Payout will be distributed to you through your respect method while filing a claim for this settlement.
Individuals who are selected to receive their settlement funds through paper cheques can get the settlement benefit amount through a check by mail.
Whereas other individuals can receive their settlement funds through direct deposit into their bank accounts. As we know that direct deposit is the fastest, reliable, secure and smooth settlement fund distribution process whereas paper checks often face unexpected delays.
LoanDepot Class Action Lawsuit Payout Amount
The LoanDepot was agreed to pay a maximum of $3.5 million that will be utilized to pay the attorneys fees or expenses, class representatives services award, notice and settlement administration expenses and to pay the settlement benefit amount to qualifying persons.
It is expected that, If all the Settlement Class Members choose to take a part, then they will be able to receive an average recovery of $0.37 per damaged share before the deduction of fees and expenses.
Settlement Class Members can get more or less than this amount depending on various other factors like when their shares were bought or otherwise acquired and the price at the time of purchase or acquisition, whether the shares were sold, when their shares were sold and for how much.
According to the court notice, the actual payout amount of Settlement Class Members can be further reduced if the fees and costs from the Settlement Fund will be increased or if the total number of approved claims will be high.
Who is eligible for LoanDepot Class Action Lawsuit?
To qualify for loan depot class action lawsuit payout individuals need to satisfy the following listed eligibility requirements.
- Applicants need to complete, sign and submit an accurate and valid claim form before the claim form submission deadline of April 24, 2024.
- Candidates must be a permanent resident or citizen of the United States.
- To qualify for this settlement you need to be a person and entity who purchased and otherwise acquired loanDepot Stock during the Class Period.
- To qualify, Individuals have bought or otherwise obtained loanDepot Stock traceable to the Registration Statement filed in connection with loanDepot’s initial public offering finished on February 16, 2021, and were damaged thereby.