A class action lawsuit involving First Community Credit Union (“FCCU”), received preliminary settlement approval on February 1, 2016, in the Twenty-Second Judicial Circuit Court for St. Louis City, Missouri, and the case is First Community Credit Union v. Zachary A. Levison, Case No. 1122-AC08888-01. The person who sued is called “Counterclaimant” and the company he sued, FCCU is called “Counterclaim Defendant.”

The Lawsuit

In the lawsuit, Counterclaimant claimed notices the borrowers received before and after their property was repossessed failed to comply with the form and content requirements of Missouri law and the Uniform Commercial Code. In a class action, one or more people called Class Representatives (in this case, Zachary A. Levison) sue for other people who have similar claims. All of these people who have similar claims are a “Class” or “Class Members.” One court and one lawsuit resolve the issues for all Class Members, except for those who exclude themselves from the Class. Circuit Judge Bush is in charge of this class action.

The Settlement

FCCU has agreed to provide the Class with settlement benefits valued over $3,835,000, which includes:

Money
$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.

Your Options

Do Nothing: By doing nothing, you will receive the benefits that come from the settlement, including money. But you give up rights to separately sue FCCU about the same legal claims asserted in this lawsuit.
Exclude Yourself: If you don’t want benefits from this settlement, but you want to keep the right to sue or continue to sue FCCU, on your own, about the legal issues in this case, then you must request to be excluded by no later than March 31, 2016. If postmarked by this date, the Court will exclude you from the Class. You can exclude yourself from the Class by using the procedure described in the Frequently Ask Questions section of this website.
Object: You may object to the settlement. To object to the settlement, you must file and serve objections postmarked by no later than March 31, 2016, using the procedure described in the Frequently Ask Questions section of this website.
Go to the Hearing: The Court will hold a final approval and fairness hearing on April 18, 2016, at 10:30 a.m. You are not required to attend the hearing to receive the benefits of this settlement, but you may attend if you choose. The hearing will occur at the Twenty-Second Judicial Circuit, 10 N. Tucker Boulevard, St. Louis, Missouri 63101, in Division 4. The Frequently Ask Questions section of this website advises you on what you must do to speak at the hearing.
To learn more about the terms of the proposed Settlement and how your legal rights may be affected, you should view the Settlement Documents and answers to the Frequently Ask Questions provided on this website.