The Settlement provides that, in exchange for a dismissal with prejudice of the Class Action and release of claims against SC, SC will create a fund of $800,000 (the “Settlement Fund”). Each Settlement Class Member who does not opt out of the Settlement will receive a cash payment from the Settlement Fund (less fees and costs discussed herein) and credit repair, if the Settlement is granted final approval. If the Settlement is not approved by the Court, then Settlement Class Members will not get any benefits of the Settlement and the parties will go back to Court for further proceedings, possibly including a trial.
Cash Benefits For Settlement Class Members Who Paid Convenience Fees to SC: If you paid any convenience fees for making a car loan payment by telephone, IVR, or the internet since January 13, 2016 on a car loan with SC with a Texas choice of law provision, then you will get a cash payment from the Settlement Fund. Payments will be made from the Settlement Fund relative to the total dollar amount of convenience fees you paid to SC, after deducting any court approved settlement administrative costs, attorney’s fees, and service payment to the Class Representatives.
IF ELIGIBLE, YOU DO NOT NEED TO DO ANYTHING TO RECEIVE THESE BENEFITS.
Cy Pres: If, after all cash benefits are distributed, residual funds remain in the Settlement Fund (e.g., because of uncashed checks), then such amounts shall be distributed to the following cy pres recipients: Arkansas Jump$tart Coalition, a non-profit organization that seeks to improve the personal financial literacy of Arkansas’s youth.