A.C. Israel Enterprises loan interest rates $26M class action settlement

Update:

• The court granted this settlement final approval March 7, 2024.
• Let Top Class Actions know when you receive a check in the comments section below or on our Settlements & Payouts Facebook group.

A.C. Israel Enterprises agreed to a $25,535,929 class action lawsuit settlement to resolve claims it violated federal and state law by making and collecting loans with annual interest rates that exceeded the amount allowed.

The class is made up of individuals who obtained a loan from Golden Valley, Silver Cloud and/or Majestic Lake at any time or who obtained a loan from Mountain Summit before Feb. 1, 2021.

The plaintiffs in the class action lawsuit claimed the interest rates on the loans the defendants made and collected exceeded the amount allowed by state law. Habematolel Pomo of Upper Lake, a federally recognized Native American tribe, owns Golden Valley, Silver Cloud, Majestic Lake and Mountain Summit.

Under the settlement terms, class members will be eligible to receive a cash payment. Payments will be automatically mailed to those who are entitled to a payment.

The amount of each class member’s payment will depend on how much they paid in principal and/or in interest above their state’s legal limits, as well as the amount of money available in the settlement fund. Each class member will receive a proportionate share of the fund. These cash payments are in addition to any payments class members may have received as part of an earlier settlement in a related case, Hengle, et al. v. Asner, et al., civil action No. 3:19-cv-250, unless they opted out of that settlement.

The settlement website offers an estimator tool.

The settlement administrator will mail class members’ checks to the same address the settlement notice was sent to so class members should update their address if they move.

Individuals who meet the following criteria will not receive a cash payment but will receive other benefits under the settlement:

• Those who did not make any payments on their loan with Golden Valley, Silver Cloud, Majestic Lake or Mountain Summit
• Those who lived in Arizona, Arkansas, Colorado, Connecticut, Idaho, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Ohio, South Dakota, Vermont, Virginia or Wisconsin and did not make payments above the full principal amount of their loan
• Those who lived in Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Iowa, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Washington, West Virginia, Washington, D.C., or Wyoming and did not pay interest above their state’s legal limits
• Those who lived in Utah or Nevada, as those states had no restrictions on interest rates

The defendants have agreed not to provide capital, services or assistance to Golden Valley, Silver Cloud, Majestic Lake or Mountain Summit or their successors for three years and will not participate in the collection of any of the loans at issue in the lawsuit, regardless of whether the class member made any payments on those loans.

The deadline to opt out of or object to the settlement is Jan. 24, 2024.

A final hearing in the A.C. Israel Enterprises settlement will take place March 6, 2024.

No claim form is required.

Who’s Eligible

Individuals who obtained a loan from Golden Valley, Silver Cloud and/or Majestic Lake at any time or who obtained a loan from Mountain Summit before Feb. 1, 2021.

Potential Award

Varies

Proof of Purchase

N/A

Exclusion Deadline

01/24/2024

Case Name

Sherry Blackburn, et al. v. A.C. Israel Enterprises Inc., et al., Case No. 3:22-cv-146, in the U.S. District Court for the Eastern District of Virginia

Final Hearing

03/06/2024

Settlement Website

UpperLakeSettlement.com

Claims Administrator

Blackburn Settlement
c/o Settlement Administrator
PO Box 23309
Jacksonville, FL 32241

Class Counsel

Kristi C Kelly
Andrew J Guzzo
Casey Nash
Patrick McNichol
Matthew G Rosendahl
KELLY GUZZO PLC

Leonard A Bennett
Craig C Marchiando
CONSUMER LITIGATION ASSOCIATES PC

Defense Counsel

James Herschlein
ARNOLD & PORTER KAYE SCHOLER LLP