SoFi DACA, CPR lending class action settlement

SoFi Lending agreed to a class action settlement to resolve claims that it discriminated against borrowers with Deferred Action for Childhood Arrivals (DACA) or Conditional Permanent Residence (CPR) status.

The settlement benefits a nationwide class of individuals living in any state other than California who had valid, unexpired Deferred Action for Childhood Arrivals (DACA) or Conditional Permanent Residence (CPR) status when they applied for SoFi financing but were denied for at least one loan between May 19, 2017, and Dec. 15, 2022.

The settlement also benefits a class of Californians who had valid, unexpired DACA or CPR status when they applied for SoFi financing but were denied for at least one loan between May 19, 2017, and Dec. 15, 2022.

According to the class action lawsuit, SoFi violated state and federal civil rights laws by discriminating against DACA and CPR applicants. The lender allegedly made these individuals ineligible for loans simply based on their citizenship status.

SoFi is a bank that was founded in August 2011. Since then, the company has funded over $50 billion in loans and amassed over 5 million members around the country.

SoFi hasn’t admitted any wrongdoing but agreed to pay an undisclosed sum to resolve the civil rights class action lawsuit.

Under the terms of the settlement, class members can receive a cash payment for each eligible credit denial they experienced when seeking financing from SoFi. Members of the national class can receive up to $1,000 per denial, while California class members can receive up to $3,000 per denial. 

Payments may be reduced on a pro rata basis if the number of claims exceeds the total $155,000 settlement fund allocated to denial payments. 

If the total number of cash payments doesn’t exceed the net settlement amount, the remaining funds will be donated to the University of California Immigrant Legal Services Center. This non-profit organization advocates for immigrant students and their families in addition to providing access to legal services.

In addition to providing cash payments to affected borrowers, SoFi agreed to make changes to its lending policies. New policies will ensure that DACA and CPR applicants are evaluated for financing on the same terms as U.S. citizens. 

The deadline for exclusion and objection was March 6, 2023.

The final approval hearing for the settlement is scheduled for May 11, 2023.

To receive settlement benefits, class members must submit a valid claim form by March 21, 2023.

Who’s Eligible

The settlement benefits a nationwide Class of individuals living in any state other than California who had valid, unexpired Deferred Action for Childhood Arrivals (DACA) or Conditional Permanent Residence (CPR) status when they applied for SoFi financing but were denied for at least one loan between May 19, 2017, and Dec. 15, 2022.

The settlement also benefits a Class of Californians who had valid, unexpired Deferred Action for Childhood Arrivals (DACA) or Conditional Permanent Residence (CPR) status when they applied for SoFi financing but were denied for at least one loan between May 19, 2017, and Dec. 15, 2022.

Potential Award

Up to $3,000 per denial

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

03/21/2023

Case Name

Juarez, et al. v. Social Finance Inc., et al., Case No. 4:20-cv-03386-HSG, in the U.S. District Court for the Northern District of California

Final Hearing

05/11/2023

Settlement Website

DACALendingSettlement.com

Claims Administrator

Settlement Administrator
C/O Rust Consulting Inc – 7638
PO Box 2659
Faribault, MN 55021-9659
[email protected]
833-472-1980

Class Counsel

Ossai Miazad
Moira Heiges-Goepfert
OUTTEN & GOLDEN LLP

Sophia L Hall
LAWYERS FOR CIVIL RIGHTS

Defense Counsel

Issac deVyver
Karla Johnson 
MCGUIREWOODS LLP