Citibank Home Equity Line Of Credit (“HELOC”) Class Action Settlement – In Re Citibank HELOC Reduction Litigation

If Citibank Suspended Or Reduced Your Home Equity Line Of Credit (“HELOC”) You May Be Entitled To Benefits From The Citibank Home Equity Line Of Credit (“HELOC”) Class Action Settlement.

A class action settlement has been reached in a class action lawsuit against Citibank, N.A. (“Citibank” or “Defendant”) in the United States District Court for the Northern District of California (styled In Re Citibank HELOC Reduction Litigation, Class Action Case No. 09-cv-0350-MMC), alleging, among other things, that Citibank suspended or reduced Citibank customer HELOCs based on a claim that their homes had significantly declined in value when, according to the Plaintiffs, their home values purportedly had not declined, all allegedly in violation of the Truth in Lending Act (“TILA”) and its implementing regulation, Regulation Z, breach of contract, breach of the implied covenants, and California’s Unfair Competition Law (“UCL”) Cal. Bus. & Prof. Code § 17200, according to the Citibank Home Equity Line Of Credit (“HELOC”) Class Action Settlement Notice.

Who Is Included As A Settlement Class Member In The Citibank Home Equity Line Of Credit (“HELOC”) Class Action Settlement:

The Citibank Home Equity Line Of Credit (“HELOC”) Settlement Class reportedly includes all persons who were Citibank customers in the United States from January 1, 2008 to January 31, 2012, and whose Citibank HELOC account was suspended or reduced based on a claim by Citibank that the value of the property or dwelling securing the HELOC (e.g., their home) had experienced a significant decline in value.

What Settlement Benefits Does The Citibank Home Equity Line Of Credit (“HELOC”) Class Action Lawsuit Settlement Provide:

The Citibank Home Equity Line Of Credit (“HELOC”) class action settlement provides that Citibank will send Settlement Class Members who are current Citibank HELOC customer a Notice of Right to Request Reinstatement of a suspended or reduced HELOC under Citibank’s current HELOC suspension policies and procedures, will provide various service assurances regarding its its HELOC suspension and reduction policies, will provide enhanced HELOC suspension notices, and will generally confirm that appraisal fees charged by approved property appraisal vendors to Citibank customers are reasonable based on industry-standard factors. Former Citibank HELOC customers who closed their HELOC account in response to Citibank’s suspension or reduction of the account based upon a significant decline in the value of the property securing the HELOC and who paid an early closure release fee to Citibank after closing the account, may file a Claim Form to receive a cash award of $120. A Claim Form can be submitted at: www.inrehelocsettlement.com//ClaimFiling.aspx

Who Are The People And Entities Involved In The Citibank Home Equity Line Of Credit (“HELOC”) Class Action Settlement :

The Plaintiffs & Class Representatives: The Plaintiffs who filed the class action complaint and who were appointed as Class Representatives of the Settlement Class are David Levin, Loren S. Siegel, Gary Cohen, Marie Cohen, Mark Winkler, and Jennie Lapointe.

The Defendant: The company who Plaintiffs sued is Citibank, N.A., a national banking association.

The Plaintiffs’ Counsel & Class Counsel: Plaintiffs’ Counsel, Jay Edelson, Steven Woodrow and Evan Meyers of Edelson McGuire LLC and Jim Patterson of Patterson Law Group, were appointed as Class Counsel.

The Defendant’s Counsel: Counsel for Defendant is Lucia Nale and Debra Bogo-Earnst of Mayer Brown LLP.

The Settlement Administrator: The Settlement or Claims Administrator is Epiq Systems, Inc.

The Court:  The Courthouse is the United States District Court for the Northern District of California.

The Judge: The Judge presiding over the case is The Honorable Maxine M. Chesney.

How To Obtain Additional Information About The Citibank Home Equity Line Of Credit (“HELOC”) Settlement:

For more information about the Citibank Home Equity Line Of Credit (“HELOC”) class action settlement, visit the settlement website at www.inrehelocsettlement.com, write to the Settlement Administrator at: HELOC Litigation Settlement, Settlement Administrator, PO Box 2838, Portland, OR 97208-2838, send an email to info@inrehelocSettlement.com or call class counsel at (866) 354-3015.

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