Jenna Lloyd, et al. v. Navy Federal Credit Union, Case No. 17-cv-1280 (S.D. Cal.)
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.
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