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This settlement is closed!
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IH Mississippi Valley Credit Union has agreed to pay a settlement of $1.425 million and forgive $264,676 of uncollected overdraft fees to end class action lawsuit claims that the credit union improperly charged overdraft fees on some transactions.
Class members include all those individuals who had an account with IH Mississippi Valley Credit Union between Dec. 1, 2012, and April 30, 2019.
The IH Mississippi Valley Credit Union APPSN fee class action lawsuit was filed by Deanna Rivera, who claims she was improperly charged APPSN fees and retry fees by the credit union.
The settlement website explains that APPSN fees are overdraft fees that are “charged and not refunded on signature Point of Sale debit card transactions where there was a sufficient available balance at the time the transaction was authorized, but an insufficient available balance at the time the transaction was presented” to the banking institution.
According to the settlement website, retry fees are “overdraft fees that are charged but not refunded for Automated Clearing House and check transactions that were re-submitted by a merchant” after being returned by the banking institution when the customer had insufficient funds.
According to Rivera, the credit union violated its member terms by charging these fees.
IH Mississippi Valley Credit Union does not deny charging the fees but asserts the fees were within its member terms. The credit union has agreed to settle the claims in order to avoid the costs and risks of continuing litigation.
Class members are eligible to receive refunds for fees paid as well as a proportional share of the settlement fund based on the total number of APPSN and retry fees charged to them.
Settlement payments will be determined after one-third of the fund has been used to pay for attorney fees and costs, $10,000 has been awarded to class representatives and the cost of administering the settlement has been deducted.
The deadline to object to or be excluded from the IH Mississippi Valley Credit Union class action lawsuit settlement is November 28, 2022.
There is no need to file a claim for benefits, as they will be automatically allocated.
Who’s Eligible
Individuals who had an account with IH Mississippi Valley Credit Union between Dec. 1, 2012, and April 30, 2019
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Exclusion Deadline
11/28/2022
Case Name
Rivera v. IH Mississippi Valley Credit Union, Case No. 2019-CH-299, in the Circuit Court of the Fourteenth Judicial Circuit for Rock Island County, Illinois
Final Hearing
01/06/2023
Settlement Website
Claims Administrator
Deanna Rivera v. IH Mississippi Valley Credit Union
Settlement Administrator
P.O. Box 6719
Portland, OR 97228-6719
800-405-8092
Class Counsel
Katrina Carroll
Kyle A Shamberg
Nicholas R Lange
CARLSON LYNCH LLP
Jeffrey Kaliel
Sophia Gold
KALIELGOLD PLLC
Defense Counsel
Stuart M Richter
Charles A DeVore
Eric T Werlinger
KATTEN MUCHIN ROSENMAN LLP
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