Maryland residents who had a Genesis-owned credit card account could have claimed a cash payment from the $4 million class fund in this $5.825 million settlement — but the June 29, 2026 claim deadline has passed and the settlement is now closed.
What Was This Settlement About?
Genesis Financial Solutions, Inc. agreed to a settlement valued at $5,825,000 — including a $4 million fund that paid cash to Maryland class members — to resolve a class action over its consumer credit practices in the state. The lawsuit, Ford v. Genesis Financial Solutions, Inc., filed in the U.S. District Court for the District of Maryland, alleged that Genesis made or serviced personal loans of $25,000 or less — extended through credit card accounts — to Maryland residents without the licenses required by the Maryland Consumer Loan Law and the Maryland Credit Services Businesses Act, using an arrangement with a third-party bank under which Genesis owned the right to collect the payments of principal, interest, and fees on the accounts.Genesis denied the allegations and denied any wrongdoing — including on the ground that the credit card accounts were at all times issued and owned by banks. The company agreed to settle to avoid the cost, risk, and uncertainty of continued litigation. The settlement was not an admission of liability by anyone. Important: the June 29, 2026 claim deadline has passed, so this settlement is now closed and no new claims can be filed.
Who Qualified?
The Settlement Class included all Maryland residents who obtained credit of $25,000 or less, made at least one purchase or took at least one cash advance, and made at least one payment, where the credit application was submitted from Maryland and where Genesis — through agreements with a third-party bank — owned the exclusive right to collect all payments of principal, interest, and fees on the account. Genesis estimated there may be as many as 125,000 class members. Excluded were people whose claims were barred by the statute of limitations, Genesis's employees and representatives, and court personnel.If you received a notice about this settlement by mail or email, Genesis's records indicated that you were included in the Settlement Class. The claim filing window has now closed, so this class definition is no longer actionable.
How Much Could You Get?
Genesis paid $4,000,000 into a Settlement Payment Fund used to pay cash to class members who submitted a valid claim. Separately, and on top of that fund, Genesis paid the settlement's administrative costs, $1,700,000 in attorneys' fees and costs, and an incentive award to the class representative — none of which reduced the money available to class members. In total, Genesis paid $5,825,000.Genesis estimated that, if all eligible class members filed and administrative costs stayed at or below $200,000, each valid claimant would receive a net payment of approximately $30. If money remained after payments, the settlement allows a second distribution and, after that, directs any balance to court-approved cy pres recipients rather than back to Genesis.
The settlement also required Genesis to give Maryland cardholders at least 45 days' notice before changing the arbitration terms in their cardholder agreements.
How to File a Claim
Important: the June 29, 2026 claim deadline has passed and the settlement is now closed, so no new claims can be filed. Claims previously required filing online through the official settlement website, or downloading, completing, and mailing the paper claim form, along with the unique claimant ID code or other information the administrator needed to confirm identity from the mailed or emailed notice — that requirement is now moot since filing has closed.The deadline to submit a claim was June 29, 2026 — the same date that applied to excluding yourself (opt out) or objecting; both of those windows have also closed. The Court has scheduled a fairness hearing for October 20, 2026 at 10:00 a.m., where it will decide whether to approve the settlement and the requested fees and award.
Frequently Asked Questions
Who qualified for the Genesis Financial Solutions Maryland settlement?
The Settlement Class generally included Maryland residents who submitted a credit application from Maryland and whose loan Genesis Financial Solutions — through an agreement with a third-party bank — owned the exclusive right to collect all payments of principal, interest, and fees. If you received a notice about this settlement by mail or email, Genesis's records indicated you were included. The claim window has now closed.
How much money can I get?
Genesis paid $4,000,000 into a Settlement Payment Fund that was divided among class members who submitted a valid claim. Attorneys' fees and costs ($1,700,000), administrative costs, and an incentive award to the class representative were paid separately by Genesis and did not reduce that fund; in total Genesis paid $5,825,000. Genesis estimated there may be as many as 125,000 class members and that, if all eligible members filed and administrative costs stayed at or below $200,000, the net payment would be approximately $30 per person. The claim deadline has passed, so no new claims can be filed.
What is the claim deadline?
The deadline to submit a claim was June 29, 2026. That deadline has passed, and the settlement is now closed — no new claims can be filed. The Court has scheduled a final approval hearing for October 20, 2026.
Do I need proof to file a claim?
Filing required the Class Member ID or notice information Genesis mailed or emailed to class members. This is no longer relevant since the claim deadline has passed and the settlement is closed to new claims.
What did the lawsuit allege?
The lawsuit, Ford v. Genesis Financial Solutions, Inc., alleged that Genesis made or serviced personal consumer loans of less than $25,000 to Maryland residents without the licenses required by the Maryland Consumer Loan Law and the Maryland Credit Services Businesses Act, using an arrangement with a third-party bank. Genesis denied the allegations and any wrongdoing and agreed to settle to avoid the cost and risk of continued litigation.
Official Settlement Notice (PDF)
Sources
- Official Settlement Website — Maryland Genesis Settlement
- Official Settlement Notice (PDF)
- Ford v. Genesis Financial Solutions, Inc., No. 8:23-cv-02156-DLB (D. Md.) — Justia docket
