$1.025M LoanDepot EFTA class action settlement

LoanDepot agreed to pay $1.025 million to resolve claims it violated the federal Electronic Funds Transfer Act by taking money from customers’ bank accounts without written authorization.

The loanDepot.com settlement benefits individuals whose bank accounts were debited on a recurring basis by loanDepot between Sept. 21, 2021, and Oct. 6, 2023, but did not receive a copy of the authorization to make a preauthorized electronic fund transfer.

Plaintiffs in the loanDepot class action lawsuit claim the company violated the EFTA by taking money from their bank accounts without providing a copy of the authorization to make a preauthorized electronic fund transfer.

LoanDepot is a mortgage lender that offers home loans, refinancing and home equity loans.

The company hasn’t admitted any wrongdoing but agreed to the $1.025 million class action settlement to resolve these allegations.

Under the terms of the loanDepot.com settlement, class members can receive a pro rata cash payment.

Class members who received more frequent debits will receive a larger share of the settlement fund. Exact payment amounts will vary depending on the number of participating class members.

The deadline for exclusion and objection was Jan. 15, 2025.

The final approval hearing for the LoanDepot class action lawsuit settlement is scheduled for April 21, 2025.

To receive a settlement payment, class members must submit a valid claim form by March 3, 2025.

Who’s Eligible

All persons in the United States whose bank accounts were debited on a reoccurring basis by loanDepot.com LLC without such person being provided a copy of the authorization to make a preauthorized electronic fund transfer between Sept. 21, 2021, and Oct. 6, 2023

Potential Award

Varies

Proof of Purchase

N/A

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

03/03/2025

Case Name

Jweinat, et al. v. loanDepot.com LLC, Case No. CGC-23-605149, in the California Superior Court for San Francisco County

Final Hearing

04/21/2025

Settlement Website

EFTASettlement.com

Claims Administrator

Jweinat v. loanDepot.com LLC Claims Administrator
PO Box 3868
Baton Rouge, LA 70821
[email protected]
844-755-2326

Class Counsel

Todd M Friedman
LAW OFFICES OF TODD M FRIEDMAN PC

Defense Counsel

Matthew D Brown
Caroline A Lebel
COOLEY LLP