An LDF Holdings settlement returns $37.35 million in overpaid interest to consumers and forgives nearly $1.4 billion in remaining debts.
The settlement benefits individuals who entered into a loan with any of the LDF Holdings between July 24, 2016, and Oct. 1, 2023.Â
The Lac de Flambeau Band of Lake Superior Chippewa Indians owns LDF Holdings. They include: Lendgreen, LendUMo, Zfunds, Makwa Financial, Brightstar Cash, National Small Loan, Bear Claw Lending, Sky Trail Cash, Loan at Last, Nine Torches, Bridge Lending Solutions, Lakeshore Loans, UbiCash, Cash Aisle, MitigCapital, Avail Blue, Evergreen Services, Blue River Lending, Quick Help Loans (Greenline) and Radiant Cash.
The class action lawsuit claims the LDF lending companies violated state law by charging excessive interest rates on loans. The companies allegedly justified these rates by using tribal law, arguing that state laws on interest and other lending regulations did not apply to the loans.
The companies are online lenders owned by LDF Holdings, an organization associated with the Lac de Flambeau Band of Lake Superior Chippewa Indians.
The companies haven’t admitted any wrongdoing but agreed to pay $37.35 million to resolve the interest rate class action lawsuit.
Under the terms of the settlement, class members can receive a proportional settlement payment based on the amount they paid in principal and how much, if any, interest they paid above their state’s legal limits. No payment estimates are available at this time.
The settlement also cancels around $1.4 billion in debt owed by class members. Credit reporting related to these loans will also be deleted from consumer reports.
The deadline for exclusion and objection is Oct. 29, 2024.
The final approval hearing for the settlement is scheduled for Dec. 13, 2024.
No claim form is required to benefit from the settlement. Class members who do not exclude themselves will automatically receive LDF Holdings settlement benefits.
Who’s Eligible
Individuals who entered into a loan from any of the LDF lending companies between July 24, 2016, and Oct. 1, 2023
Potential Award
TBD
Proof of Purchase
N/A
Exclusion Deadline
10/29/2024
Case Name
Fitzgerald v. Wildcat, Case No. 3:20-cv-00044-NKM-JCH, in the U.S. District Court for the Western District of Virginia
Final Hearing
12/13/2024
Settlement Website
Claims Administrator
Fitzgerald Settlement
c/o Settlement Administrator
P.O. Box 23698
Jacksonville, FL 32241
info@ConsumerLoanSettlement.com
800-348-2540
Class Counsel
Kristi C Kelly
Andrew J Guzzo
Casey Nash
Matthew G Rosendahl
KELLY GUZZO PLC
Defense Counsel
Patrick J McAndrews,
SPENCER FANE LLP
Andrew Adams III
HOGEN ADAMS PLLC
David N Anthony
TROUTMAN PEPPER HAMILTON SANDERS LLP
Michael N Feder
DICKINSON WRIGHT
Blake Sims
HUDSON COOK LLP
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