Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
UPDATE 2: On Sept. 13, 2020, Top Class Actions viewers started receiving checks in the mail from the Spotloan class action settlement worth $168. Congratulations to everyone who filed a claim and got PAID!
UPDATE: The Spotloan High Interest Rates Class Action Settlement was granted final approval on July 9, 2020. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
BlueChip Financial has agreed to pay $18.5 million to resolve claims that Spotloan interest rates and loan terms were illegal.
The settlement benefits individuals who obtained a loan from Spotloan between Jan. 1, 2012 and Oct. 31, 2018. Around 366,000 individuals are thought to be included in this settlement Class.
The Spotloan interest rates class action claims that BlueChip Financial, doing business as Spotloan, provided loans with excessive interest rates. Allegedly, Douglas Merrill – the former CIO for Google – and his company ZestFinance worked with BlueChip to issue short term loans with sky high interest rates. In some cases, interest rates were allegedly as high as 460 percent.
Plaintiffs in the Spotloan interest class action also claimed that the companies lacked the proper state licensing to provide loans in various states.
The defendants have denied any wrongdoing brought against them in the Spotloan interest rates class action lawsuit. According to the defendants, the company which owns and operated BlueChip is governed by tribal laws which authorize the interest rates and terms at issue.
However, despite disputing the allegations, the defendants have agreed to pay $18.5 million in a settlement and wipe out $170 million in consumer debt.
“Although the defendants are solvent, they are not large, multinational corporations, they have finite resources and the potential judgment in any one of these cases would exceed what any defendant could reasonably afford,” the plaintiffs wrote in their settlement motion.
In their motion for preliminary approval, the plaintiffs noted that the settlement was an opportunity to recover any losses. Additionally, the plaintiffs state that BlueChip could dodge liability in the suit based on their tribal status – further showing that the settlement is a good deal.
Loan cancellation is available for all Spotloan loans made before Nov. 1, 2018 and owned by BlueChip Financial as of Dec. 31, 2019. As a part of this benefits, BlueChip will contact consumer reporting agencies and request that they delete relevant loan information including any late payments previously reported.
Payments from the $18.5 million settlement fund will be distributed on a pro rata basis. Although consumers will not be able to receive a full refund payment, they will receive a proportional share of the fund based on their state’s legal interest rate, whether they repair the original principal loan amount, and how much they paid.
The final settlement benefits comes from BlueChip’s promise not to sell or transfer any remaining unpaid accounts to third-parties. The lender has also agreed not to share certain borrow information with third-parties.
No claim form is required as part of the Spotloan interest rates class action settlement. If Class Members wish to exclude themselves or object to the settlement, they must do so by May 26, 2020. The final approval hearing is scheduled for June 30, 2020.
Who’s Eligible
Individuals who obtained a loan from Spotloan between Jan. 1, 2012 and Oct. 31, 2018.
Potential Award
Loan cancellation for Spotloan loans made before Nov. 1, 2018 and owned by BlueChip Financial as of Dec. 31, 2019. Eligible loans with be adjusted to a zero balance and BlueChip will ask consumer reporting agencies to delete any information from credit reports. This includes if any payment was previously reported as late.
Consumer refunds are also a part of the $18.5 million settlement. Class Members will receive a proportional share of the fund based on their state’s legal interest rate, whether they repair the original principal loan amount, and how much they paid.
Proof of Purchase
N/A
Claim Form
There is no Claim Form for this settlement. Class members with further questions can click here for more information.
Exclusion Deadline
5/26/2020
Case Name
Turner, et al. v. ZestFinance Inc., et al., Case No. 3:19-cv-00293, in the U.S. District Court for the Eastern District of Virginia
Final Hearing
6/30/2020
Settlement Website
Claims Administrator
Spotloan Settlement
c/o RSM US LLP
PO Box 1367
Blue Bell, PA 19422
questions@BCFSettlement.com
1 (833) 535-0557
Class Counsel
Leonard A. Bennett
Craig C. Marchiando
CONSUMER LITIGATION ASSOCIATES PC
Kristi C. Kelly
Andrew J. Guzzo
Casey S. Nash
KELLY GUZZO PLC
E. Michelle Drake
John G. Albanese
BERGER MONTAGUE
Beth E. Terrell
Jennifer Rust Murray
Elizabeth A. Adams
TERRELL MARSHALL LAW GROUP PLLC
Matthew Wessler
GUPTA WESSLER PLLC
Defense Counsel
For Merrill and ZestFinance:
Shon Morgan
John W. Baumann
M. Loughran Potter
Patrick Stafford
QUINN EMANUEL URQUHART & SULLIVAN LLP
For BlueChip Financial:
Brendan D. O’Toole
Calvin W. Fowler Jr.
Turner A. Broughton
WILLIAMS MULLEN
Scott M. Pearson
Kay Fitz-Patrick
MANATT PHELPS & PHILLIPS LLP
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
244 thoughts onSpotloan High Interest Rates Class Action Settlement
I did not received a check
Have not recieved or heard from them since getting card in mail. Has everything been settled?
I never received anything from the lawsuit, they sent me out information but they lawsuit so what going with the lawsuit?
I disputed this account on my credit it was never taken even tho I made the credit bureaus aware of the litigation
All I got from them is a 1099c which they wrote off my loan from 4 years ago. Now need to include it as income.
I just got a 1099C also – yesterday (2/5) – Makes no sense at all since we didn’t get any money back from them!
I received also, I’m very confused. Searching google and found this thread.
I disputed a loan from them on my credit, i never paid one payment to them just took the money and let it go to collections. got it 100% removed and got to keep the money and my credit score healed back to full :P
Thanks for sharing. How did you dispute?
Does anyone know how I can find out if and how I was affected by this suit? I received a mailing that it was taking place, but never heard anything else as of 11/28.
I I didn’t know about this class action lawsuit. I didn’t make a loan until 11/2020. The company continues to do business as usual, to include adding 4 additional payments for making a partial payment on the initial payment. Does the lawsuit prohibit the old way they did business ?
I didn’t even know about this, but now I’m $33.23 richer!!
I didn’t know anything about it until a check came today… (Voting day!!!! ?) $22.40… I can definitely use it…
I haven’t received anything…whether I’ve moved or not they find me for anything else!
I haven’t seen nothing!!! Waiting for nothing. That’s what I got nothing
My address changed so I let them know and was told I would have to wait until the check got returned to them. I have mail that I will never see because of the scum that moved into my old address and is safe to assume they would attempt to cash any thing sent there. I asked them to cancel the said check and issue a new one and am still waiting. I am a single mother of two and every penny counts in my book.
Lol I got a check for $11 ! Is this the only settlement check we are too receive? Where do they come up with these numbers ?
Well Ruth, you got $8 more than I did. Out of $18.5 MILLION, my check was for $3.31. These class action suits only benefit the attorneys.
I was surprised today with a $71 dollar check!