Lloyd v. Navy Federal Credit Union Settlement

A Settlement has been reached in a class action lawsuit claiming that Navy Federal Credit Union (“Navy Federal”) breached its contract with member checking Account Holders and improperly assessed and collected Overdraft Fees on certain transactions. Navy Federal maintains it did nothing wrong, but has agreed to settle the lawsuit to avoid the cost, delay, and uncertainty of litigation. The Court has not decided which side is right.

A Settlement Fund of $24.5 million has been established to pay Settlement Class Member Payments, any attorneys’ fees, costs and Service Awards ordered by the Court, any Settlement Administration Costs in excess of $500,000, any payment to Navy Federal for Settlement Administration Costs incurred as permitted under this Settlement, and any cy pres payment required under this Settlement. Current and former Navy Federal members who had a Navy Federal checking Account(s) may be eligible for a Settlement Account Payment from the Settlement Fund.

Your legal rights are affected whether you act or do not act. Read this website carefully.

Summary of Your Legal Rights and Options in This Settlement

Do Nothing and Receive a Payment or Account Credit	If you are entitled under the Settlement to a payment or Account credit, you do not have to do anything to receive it. The court has approved the Settlement and if you did not exclude yourself, you will automatically receive a payment or Account credit.
Exclude Yourself from the Settlement Deadline: April 20, 2019	The deadline to exclude yourself from the settlement was April 20, 2019. If you did so, you will receive no benefit from the Settlement, but you retain your right to sue on your own.
Object Deadline: April 20, 2019	The deadline to object to the settlement was April 20, 2019. There were no objections to the Settlement.

These rights and options — and the deadlines to exercise them — are explained further on this website.