FCCU has agreed to provide the Class with settlement benefits valued over $3,835,000, which includes:
$450,000 to pay Class Members, attorneys’ fees, and costs to Class Counsel and incentive award to the Class Representative.
Deficiency Write-Off and Judgment Write-Off
FCCU will write off 35% of deficiency balances or judgments covered by the settlement. The write-off will be based on the amount of the original deficiency balance or judgment. If the outstanding balance or judgment is less than the 35% write-off, FCCU will write off the remaining debt and deem any judgment satisfied, although class members will not be entitled to any refunds. FCCU will no longer try to collect the written-off amounts, although it may still attempt to collect portions of the loan balances or judgments that are not written off. The value of this benefit to the entire Class is over $3,385,000.