Borrowers could receive payments from a $65 million Big Picture Loans settlement resolving claims the lender charged excessive interest rates.
The settlement benefits individuals who received a Big Picture of Castle Payday loan between June 22, 2013, and May 1, 2024.
According to the class action lawsuit, Castle Payday and Big Picture Loans charged excessive interest rates on loans that violated state and federal laws. The lenders allegedly attempted to circumvent interest rate laws by using tribal status.
Red Rock Tribal Lending is a lender owned by the Lac Vieux Desert Band of Lake Superior Chippewa Indians that issues loans under Big Picture Loans, which previously operated as Castle Payday.
Big Picture Loans hasn’t admitted any wrongdoing but agreed to pay $65 million to resolve the class action lawsuit.
All class members are eligible for non-monetary settlement terms. Under these terms, defendants in the case agreed to participate in collection for the loans at issue and to not provide capital, services or assistance to Big Picture Loans or Red Rock Tribal Lendings.
Not all class members are eligible for settlement payments. Class members who did not make loan payments or lived in Utah or Nevada are not eligible for payment. Those who did not make payments above the full principal amount of their loan while living in Arizona, Arkansas, Colorado, Connecticut, Idaho, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Ohio, South Dakota, Vermont, Virginia or Wisconsin are not eligible for payments. Individuals are also ineligible if they did not pay interest above their state limits in Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Iowa, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Washington, West Virginia, Washington D.C. or Wyoming.
Under the terms of the Big Picture Loans settlement, eligible class members can receive a proportional share of the net settlement fund based on the amount they paid in interest above their state’s limits during the class period. No payment estimates are available at this time.
The deadline for exclusion and objection is Aug. 19, 2024.
The final approval hearing for the settlement is scheduled for Oct. 28, 2024.
No claim form is required to benefit from the Big Picture Loans settlement. Class members who do not exclude themselves will automatically receive a settlement payment.
Who’s Eligible
Individuals who received a Big Picture of Castle Payday loan between June 22, 2013, and May 1, 2024.
Potential Award
Varies
Proof of Purchase
N/A
Claim Form Deadline
08/19/2024
Case Name
Galloway v. Martorello, et al., Case No. 3:19-CV-00314, in the U.S. District Court for the Eastern District of Virginia.
Final Hearing
10/28/2024
Settlement Website
Claims Administrator
Galloway Settlement
c/o Settlement Administrator
PO Box 23489
Jacksonville, FL 32241
info@BPLSettlement.com
800-641-9098
Class Counsel
KELLY GUZZO PLC
CONSUMER LITIGATION ASSOCIATES
TERRELL MARSHALL LAW GROUP PLLC
BERGER & MONTAGUE PC
CADDELL & CHAPMAN
GUPTA WESSLER PLLC
Defense Counsel
N/A
Read About More Class Action Lawsuits & Class Action Settlements:
- Discover Bank DACA loans $975K class action settlement
- Riverside Public Utilities fees $24M refund settlement
- New York Lyft driver sales tax, fees $38M attorney general settlement
- New West Health Services insurance class action settlement
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
The post $65M Big Picture Loans interest rates class action settlement appeared first on Top Class Actions.