If You Obtained a Loan from American Web Loan, AWL, or Clear Creek Lending from February 10, 2010 to June 26, 2020 You Could Get a Cash Payment and/or Cancellation of Your Loan Under The American Web Loan Class Action Settlement.
AWL, Inc., a wholly owned corporation of the Otoe-Missouria Tribe of Indians (“Tribe”), a federally-recognized Indian tribe; Red Stone, Inc. (successor-in-interest to MacFarlane Group, Inc.), a wholly owned corporation of the Tribe; Mark Curry (“Curry”); and Sol Partners, LLC (collectively, “AWL Defendants”) and various other defendants have reportedly agreed to a class action settlement of a lawsuit filed in the United States District Court for the Eastern District of Virginia (Newport News Division), styled Solomon, et al. v. American Web Loan, Inc., et al., Case No. 4:17-cv-0145-HCM-RJK, alleging, among other things, that American Web Loan made loans at interest rates greater than what is permitted by state law, that American Web Loan did not have a license to lend in any state, that American Web Loan did not adequately disclose the interest rates, total finance charges, or repayment periods, and that American Web Loan improperly conditioned its loans on the use of electronic fund transfers. Defendants reportedly denied the allegations.
Who Is Included In The American Web Loan Class Action Settlement?
The American Web Loan class action settlement reportedly includes, unless otherwise excluded, the following settlement class:
All persons within the United States to whom AWL lent money during the Settlement Class Period [February 10, 2010 to June 26, 2020].
What Settlement Benefits Does The American Web Loan Class Action Lawsuit Settlement Provide?
Under the American Web Loan Settlement, borrowers who took out an American Web Loan loan from February 10, 2010 to June 26, 2020 may be entitled to recover a cash payment. In addition, certain American Web Loan loans that are deemed to be in “collection” by American Web Loan will be cancelled as disputed debt and AWL will request that the credit reporting bureau, Clarity Services, delete any negative credit reporting related to these loans.
The American Web Loan class action settlement reportedly provides for the creation of an $86,000,000 cash settlement fund to be created to provide, among other things, a cash recovery to some Settlement Class Members.
Settlement class members entitled to payment with respect to AWL loans taken out between January 1, 2012 and June 26, 2020, will reportedly be automatically sent an email notification providing options for receiving a share of the Settlement, while those settlement class members who took out AWL loans between February 10, 2010 and December 31, 2011, will need to submit a claim form and supporting documentation by July 9, 2021.
The amount of payments to class members will depend on how much they paid on their AWL loan, the state in which they resided when they took out their loan and the amount of money available in the Settlement Fund. Settlement class members may only get a proportionate share of the total settlement cash, not necessarily a full refund of the amount of money paid over principal, because the total amount of Settlement funds available will not allow everyone to receive a full refund.
Where Can You Obtain More Information About The American Web Loan Class Action Settlement?
For more information about the American Web Loan class action settlement, write to AWL Settlement Class Administrator c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217, call 877-868-6825, email info@AWLsettlement.com or visit the American Web Loan class action settlement website at https://www.awlsettlement.com/