Genus Debt Management Class Action Settlement
By Mike Holter
Genus Credit Management Corp. and InCharge Institute of America have reached a class action settlement over allegations they violated consumer protection laws. If you participated in a debt management plan and/or credit counseling with either company, you may be entitled to cash benefits from the class action settlement.
The settlement will resolve a class action lawsuit filed in arbitration that alleges Genus and InCharge Institute of America (ICI) made false and misleading statements about debt management plans or programs, including claims that the debt management plans would improve credit, credit ratings, credit histories or credit scores without providing required disclosures. Genus and ICI are two of the nine original companies involved in the arbitration. Two other companies, American Financial Solutions, a division of North Seattle Community College Foundation, have already settled the claims against them. The other seven defendants are still in arbitration. As a result, you may have received a prior notice about this arbitration, which we covered in our Open Class Action Lawsuit Settlements here. (The deadline to participate in that lawsuit settlement has passed.)
To participate in the class action settlement with Genus and ICI, you must have enrolled in a debt management plan or similar program created, advertised, administered or serviced by any of the defendants involved in the Genus Credit class arbitration settlement between January 1, 1998 and May 7, 2009.
Genus and ICI have collectively agreed to pay $4 million to settle the class action arbitration against them. All class members who submit valid claim forms by June 6, 2011 will receive an equal share of the Genus class action settlement fund, after payment of attorneys’ fees and costs. (There are approximately 470,000 class members who could potentially file claims.) A final Fairness Hearing will be held June 27.
You can find claim forms and more information on the Genus Debt Management Class Action Settlement at GenusCreditClassArbitrationSettlement.com.
Updated May 12th, 2011
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