Class Counsel will file that request, along with all supporting documents, at least 21 days prior to the deadline to exclude from or object to the Settlement. Class Counsel will also request Court approval of Service Awards to the Class Representatives in the amount of $5,000 each. Class Counsel will ask the Court to award attorneys’ fees in an amount not to exceed one third (33.33%) of the Settlement Fund, or $1,666,500, plus litigation costs and expenses.
Settlement Class Members who receive a Settlement Payment are solely responsible for distributing or allocating their payment between or among all co-account holders.Īttorneys’ Fees and Expenses, and Service Award. If the Court awards all Administrative Costs, attorneys’ fees and expenses, and Service Awards requested by the Parties, the Net Settlement Fund will be approximately $3,040,299.Īlso, as part of the Settlement, Caliber has agreed to stop charging fees for payments made online or by telephone, including through the use of the telephonic automated “IVR” (interactive voice response) system for three years.Īllocations of the Net Settlement Fund will be calculated on a borrower-by-borrower basis, such that each Class Member will receive an equal pro rata share of the monetary benefits. The remaining balance of the Settlement Fund (the “Net Settlement Fund”) will be distributed among the Class Representative and all Class Members who are not excluded from the class, as set forth below (the “Settlement Class Members”).
All Administrative Costs, any Court-awarded attorneys’ fees and expenses to Class Counsel, and any Service Awards to the Class Representatives will be paid out of the Gross Settlement Fund first. In the proposed Settlement, Caliber has agreed to create a $5,000,000.00 Common Fund.
This website is only a summary of the Settlement, and in case of any conflict between this website and the Agreement, the terms of the Agreement will control.
The complete terms of the proposed Settlement are set forth in a formal Settlement Agreement (the “Agreement”) which is on file with the Court, and which is also available in the Documents section of this website.
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