If you are an International Mortgage Service IMS loan borrower obligated to Lloyds Bank, your rights may be affected by the Lloyds Bank Dual Currency Loan class action settlement.
Lloyds TSB Bank, PLC (“Lloyds” or “Defendant”) has reportedly agreed to a proposed settlement of a class action lawsuit against Lloyds in the U.S. District Court for the Northern District of California (styled as John Dugan v. Lloyds TSB Bank, PLC, Case No. No. C 12-02549 WHA) alleging, among other things, various claims in connection with certain Lloyds’ dual currency loans (i.e, International Mortgage Service or IMS loans stated in U.S. dollars that could be re denominated into foreign currency subject to a principal cap of 120 percent of the original loan principal and subject to a variable interest rate set at 1.5% above Lloyds costs of funds and secured by real property in the U.S.), according to the order granting motion for preliminary approval of the Lloyds Bank Dual Currency Loan class action settlement.
Lloyds Bank settlement class members reportedly include, unless otherwise excluded, all International Mortgage Service (“IMS”) loan borrowers (including any coborrower) in either of the nationwide or California classes previously certified by the Court:
All IMS borrowers obligated to Lloyds TSB Bank, PLC at anytime from May 17, 2006 who currently reside in the United States and for whom a first-class mailing address is known, and whose loan documents were governed under the law of Hong Kong and included a 120% Clause (but not including borrowers whose loan documents included a forum-selection clause other than the U.S.).
All IMS borrowers obligated to Lloyds TSB Bank, PLC at anytime from May 17, 2006 who currently reside in California and for whom a first-class mailing address is known, and whose loan documents were governed under the law of Hong Kong and included a 120% Clause (but not including borrowers whose loan documents included a forum-selection clause other than California).
The Lloyds Bank Dual Currency Loan settlement reportedly provides, among other things, $1.55 million to settlement class members to settle the class action lawsuit. The court reportedly designated Dahl Administration, LLC as the settlement administrator. A final settlement approval hearing is reportedly scheduled for March 14, 2014.
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