The Court approved the settlement on July 14, 2023.
You can review a copy of the Final Approval Order on the
Important Documents page.
You may be entitled to receive a settlement payment and elimination of any Deficiency Balance in
connection with a class action against Diamond Credit Union
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This settlement resolves a lawsuit over whether Diamond Credit Union (“Diamond”) sent borrowers
proper notice of their rights after vehicle repossession.
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Diamond denies and disputes the claims asserted in the Litigation. The parties disagree about whether any money
(and if so, how much) could have been awarded to you if the Plaintiff were to prevail at trial. The settlement avoids the
costs and risks to members of the Class like you from continuing with the lawsuit, and provides relief to the Class.
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This settlement will: (a) provide a gross fund of $2,100,000 to be distributed to Class Members after payment of administrative costs,
Class Counsel fees and costs, and a service award to Plaintiff; (b) eliminate Disputed Deficiency Balances of approximately $2,990,000; and
(c) require Diamond to request credit reporting agencies to delete your auto loan history from your credit report, in
accordance with the proposed Class Action Settlement Agreement.
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Your rights are affected whether you act or not. Read the Notice carefully.
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Your Legal Rights and Options in this Settlement
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Do Nothing
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If the settlement is approved by the Court as presented, any post-auction deficiency balance will be eliminated unless you got your vehicle back,
and Diamond will request the credit reporting agencies to delete your loan history from your credit report. You will also be paid a proportionate
share of the net settlement proceeds.
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Exclude Yourself
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Get no payment. This is the only option that allows you to ever be part of any other lawsuit against Diamond concerning repossession or
financing of your vehicle. Act by June 5, 2023.
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Object
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Write to the Court about why you don’t like the settlement and do not want it approved. Act by
June 5, 2023.
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Go to a Hearing
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Ask to speak in Court about the fairness of the settlement on July 14, 2023.
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These rights and options – and the deadlines to exercise them – are explained in the Notice.
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The Court in charge of this case still has to decide whether to approve the settlement. Payments will be made if the Court
approves the settlement and after any appeals are resolved. Please be patient.
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For more information or to review key documents or the Class Action Settlement Agreement, please see the
Important Documents page.