Fireside Bank Repossession Class Action Settlement is Finally Approved
Our proposed class action settlement with Fireside Bank was finally approved by Santa Clara Superior Court Judge Elfving on May 29. This is great news for the approximately 17,500 members of the Gonzalez settlement class--California consumers to whom Fireside sent post-repossession notices of intent to dispose (NOIs) between May 2000 and October 2001--and the Lind settlement class--people to whom Fireside sent post-repossession NOIs between October 2003 and October 2007.
Gonzalez settlement class members will be refunded 100% of the post-repossession payments they made to Fireside. Lind settlement class members will be refunded 90% of their post-repossession payments. These payments will be mailed by the Settlement Administrator, Rosenthal & Company, no later than August 28, 2009.
In addition, Fireside is required to change its account records to show that each settlement class member has a zero balance with Fireside. It must instruct the credit reporting agencies, Experian, Equifax and TransUnion, to delete Fireside's tradelines on class members's credit reports. And it must recall all collection efforts against settlement class members. Finally, upon request from any settlement class member, Fireside must send that person a letter which confirms that their account balance is zero.
Fireside is required to take these actions no later than August 10, 2009. Therefore, if you are a settlement class member, you should check your credit report around the middle of September to be sure that Fireside's tradeline is deleted.
If you have recently moved, or if you believe you are a settlement class member but did not receive a Class Notice, you should contact Joni Brown of Rosenthal & Company to update your contact information. You can reach her at 415.798.5942 or JoniB@RosenthalCo.com.
Unfortunately, if Fireside mailed you an NOI but then obtained a judgment against you before October 2008, you are not included in the settlement class. However, we have filed a separate appeal regarding people who would have been included in the Lind or Gonzalez settlement class but for Fireside's judgment against them. That appeal is ongoing.
We are extremely pleased to have the Court finally approve this settlement, which provides outstanding relief for the settlement class members. It has been a fight of nearly seven years to get this result, but well worth it to all who will benefit.
