Notice of Class Action Settlement
If you owned property repossessed by Scient Federal Credit Union, you could get valuable benefits from a class-action settlement.
- You may be eligible to participate in a settlement with benefits, including money, the write-off of certain debts, and the deletion of certain negative credit information from credit reports for certain persons who had a consumer loan or financing agreement with Scient Federal Credit Union (“Credit Union”) and had their vehicle repossessed and sold by Credit Union.
- The settlement resolves a lawsuit over whether Credit Union sent a Uniform Commercial Code compliant post-repossession notice to you that purported to explain how you could get the vehicle back and stop Credit Union from selling it. The post-repossession notice at issue must have been dated on or between May 29, 2013 to July 19, 2018, to be a part of the Class and eligible to receive the benefits explained in this Notice. This settlement avoids costs and risks to you from the lawsuit; provides benefits to borrowers like you; and releases Credit Union from liability.
- The two sides disagree on whether the borrowers could’ve won and on how much money they would’ve been entitled to had they won.
- Your legal rights are affected whether you act or don’t act. Read this notice carefully.
- Consult your tax adviser about the tax issues associated with this settlement. Relief provided under this settlement, including money and debt reduction, may be subject to tax.
Your Legal Rights and Options in this Settlement |
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Do Nothing |
By doing nothing, you will receive certain benefits that come from the settlement, including money. But you give up rights to separately sue Credit Union for any legal claims related to the post-repossession notice at issue here. |
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Exclude Yourself |
Get no money or benefits. This is the only option that allows you to ever be part of any other lawsuit against Credit Union about the legal claims. |
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Object |
Write to the Court about why you don’t like the settlement. |
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Go to a Hearing |
Ask to speak in Court about the fairness of the settlement at the fairness hearing. |
- These rights and options—and the deadlines to exercise them—are explained in this notice.
- The Court must still decide whether to approve the settlement. Money and benefits will be provided if the Court approves the settlement and after any appeals are resolved. Please be patient.