Think Finance Settlement Website is Established

A website has been established for a pending settlement which resolves claims that Think Finance and other lenders violated loan regulations.

An additional, similar website has been established for settlement Class Members from Pennsylvania. These Class Members are part of a statewide Class that is separate from the nationwide Class, although all claims are being resolved by the settlement.

While the websites are live, they are not accepting claims yet. Top Class Actions will provide claim filing instructions as soon as they become available.

Meanwhile, viewers will receive an email notice when this article is updated with more information by using a free Top Class Actions account and clicking the “Follow Article” button at the top of the post.

According to the class action lawsuits against the companies, violations include charging higher annual interest rates than were allowed by state law, lending to consumers despite lacking the right state licenses, and various servicing and collection activities. The companies allegedly committed further violations by supporting each other through fraudulent behaviors.

The fraudulent loans were reportedly issued by one bank, the First Bank of Delaware, and three companies owned by Native American Indian Tribes: Great Plains Lending LLC, Plain Green LLC, and MobiLoans LLC. Think Finance Inc. and Sentinel Resources LLC allegedly provided services to the First Bank of Delaware and the tribal companies. Several other companies, referred to as GPLS, acted as investors for the loan scheme.

All of the involved companies have denied wrongdoing and maintain that their installment loans and cash advances on lines of credit were all legal under tribal laws. However, the defendants have agreed to establish a settlement that will resolve the claims against them.

Consumers are eligible for the settlement if they obtained any of the following:

• Loan(s) from Plain Green before June 1, 2016;
• Loan(s) from Great Plains Lending;
• Cash advance(s) on a line of credit from MobiLoans before May 6, 2017; or
• ThinkCash loan(s) from First Bank of Delaware in Pennsylvania.

The settlement will provide loan forgiveness for all covered loans. Class Members may also be eligible for a cash payment under the settlement.

Cash payments will be distributed from a settlement fund which will include $39 million from Think Finance and around $16.75 million from all other defendants. The cash award portal will open on Aug. 23, 2019. After this date, Class Members can check their eligibility for a cash payment using the access code sent to them in an email notice.

The deadline for exclusion from the settlement is Sept. 16, 2019. The deadline for objection to the settlement is Oct. 18, 2019.

The settlement will have two fairness hearings, one in federal court and one in bankruptcy court (for Think Finance). The federal court fairness hearing is scheduled for Nov. 1, 2019 and the bankruptcy court fairness hearing is scheduled for Nov. 6, 2019.

The Class is represented by Kristi Kelly and Andrew Guzzo of Kelly Guzzo PLC, Leonard Bennett and Elizabeth Hanes of Consumer Litigation Associates PC, Anna Haac of Tycko & Zaveeri LLP, and Michael Etkin of Lowenstein Sandler LLP.

The Think Finance Class Action Lawsuits are Gibbs, et al. v. Plain Green LLC, et al., Case No. 3:17-cv-495 in the U.S. District Court for the Eastern District of Virginia; In re: Think Finance LLC, Case No. 17-33964, in the Bankruptcy Court for the Northern District of Texas; Commonwealth v. Think Finance Inc., Case No. 2-14-cv-07139, in the U.S. District Court for the Eastern District of Pennsylvania; and CFPB v. Think Finance LLC, Case No. 4-17-cv-00127, in the U.S. District Court for the District of Montana.

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